This bill amends the definition of "homestead" in the Oklahoma Ad Valorem Tax Code to include mobile homes and site-built homes that serve as the actual residence of a natural person who is a citizen of Oklahoma, regardless of whether the land is owned or rented. The new legal language specifies that the record ownership of these homes must be vested in the individual residing there. This change aims to broaden the eligibility for homestead exemptions under the law, ensuring that individuals living in mobile homes or site-built homes on leased land can benefit from the same tax exemptions as those living in traditionally owned properties.

Additionally, the bill clarifies that the term "rural homestead" refers to properties outside of cities or towns, while "urban homestead" pertains to properties within city limits or platted subdivisions. The effective date for this amendment is set for January 1, 2027. Overall, the bill seeks to provide more equitable tax treatment for various types of residences in Oklahoma.