House Bill No. 1198 amends the existing law regarding the additional homestead exemption in Oklahoma. The bill modifies the definition of "gross household income" to specify that it refers to the federal adjusted gross income as stated on the most recently filed federal income tax return at the time the application is submitted, replacing the previous broad definition that included various types of income regardless of tax status. Additionally, the bill clarifies the definition of "head of household" to mean a person who owns or jointly owns a home and provides support for it.

The bill also outlines the application process for the additional homestead exemption, which must be submitted annually by March 15 or within 30 days of receiving a notice of valuation increase. Notably, individuals aged 65 and older who have previously qualified for the exemption will not need to reapply annually, although they must notify the county assessor if their gross household income exceeds the specified limit. The act is set to take effect on November 1, 2025.

Statutes affected:
Introduced: 68-2890
Sub Committee OR Policy Committee Recommendations (House) Sub Committee Recommendation: 68-2890
Sub Committee Recommendations (House) Sub Committee Recommendation: 68-2890