Oklahoma SB1114 proposes a constitutional amendment to provide tax credits for property owners with homesteads subject to certain tax growth.
Oklahoma SB1114 proposes a constitutional amendment to provide tax credits for owners of homesteads that qualify for certain limitations on the growth of fair cash value. The credit amount equals the difference between the ad valorem tax liability for the homestead property in the prior tax year and the ad valorem tax liability for the homestead property in the current tax year. The county assessor must deduct this credit from the property owner's tax liability. The credit cannot reduce the ad valorem tax liability to less than zero. The amendment will become effective November 1, 2025.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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