Oklahoma HB4496 increases the homestead exemption from ad valorem taxation from $1,000 to $2,000.
Oklahoma HB4496 amends the state's tax code to increase the homestead exemption from ad valorem taxation. This means that the first $2,000 of a homestead's assessed valuation will be exempt from property taxes, up from the previous $1,000 exemption. This change applies to all homesteads in Oklahoma, as defined by state law. The amendment takes effect on a date specified within the bill.
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