SB1885

Oklahoma SB1885 modifies the homestead exemption for ad valorem tax, increasing the exemption amount over time.

Oklahoma SB1885 amends the homestead exemption for ad valorem tax by increasing the exemption amount over time. For tax year 2027, the exemption will be 66 2/3% of the full assessed value of the homestead. For tax year 2028, the exemption will be 100% of the first $1,000 of the full assessed value. For tax year 2029 and all subsequent tax years, the exemption will be 100% of the full assessed value of the homestead.