SB1987

Oklahoma SB1987 modifies the homestead exemption for ad valorem taxes, increasing it to $2,000 for tax years 2027 and beyond under certain conditions.

Oklahoma SB1987 amends the homestead exemption for ad valorem taxes, increasing it from $1,000 to $2,000 for tax years 2027 and beyond. This increase is contingent upon two conditions: the county excise board must certify that ad valorem revenue collections have exceeded the previous year's collections by at least 5%, and the board of county commissioners must approve the additional exemption. The act becomes effective November 1, 2026.