This bill amends 68 O.S. 2021, Section 2889, to provide additional homestead exemptions for individuals whose homesteads were purchased by the Department of Transportation for the construction or expansion of a turnpike. The amendment specifies that, starting from the tax year 2027, these individuals can claim an additional exemption from all forms of ad valorem taxation for the first three tax years of their new homestead. This exemption is designed to limit their ad valorem liability to the amount they were liable for on their previous homestead before it was purchased by the Department.

The bill also clarifies that, except for the provisions outlined in the new subsection B, all homesteads in Oklahoma will continue to be assessed for taxation like other real properties, with a standard exemption of $1,000 from ad valorem taxation. The effective date for this act is set for November 1, 2026.