This bill amends Section 2889 of Title 68 of the Oklahoma Statutes, which pertains to the exemption of homesteads from ad valorem taxation. The amendment clarifies that while all homesteads are generally assessed for taxation like other real property, they will be exempt from ad valorem taxation up to $1,000 of the assessed valuation. Additionally, the bill introduces a new provision that exempts homeowners aged sixty-five and older from all forms of ad valorem taxation on their homesteads.

The effective date for this legislation is set for January 1, 2027. This change aims to provide financial relief to senior homeowners by eliminating their ad valorem tax burden, thereby supporting their ability to maintain homeownership in their later years.