This bill amends Section 2889 of Title 68 of the Oklahoma Statutes, which pertains to homestead exemptions from ad valorem taxation. The legislation increases the dollar amount of the exemption from $1,000 to $2,000 for all homesteads. Additionally, it introduces a new provision that allows for an additional exemption of $3,000 from ad valorem taxation, contingent upon certain conditions being met. Specifically, for tax years 2027 and beyond, the county excise board must certify that the current year's ad valorem revenue collections exceed the previous year's collections by at least 5%, and the board of county commissioners must approve this additional exemption.

The effective date for this act is set for January 1, 2027. This change aims to provide greater financial relief to homeowners by increasing the exemption amounts and establishing a framework for additional exemptions based on local revenue growth.