This bill amends Section 2888 of the Ad Valorem Tax Code in Oklahoma, specifically regarding homestead exemptions. It modifies the definitions of "homestead," "rural homestead," and "urban homestead," clarifying that a homestead includes the actual residence of a natural person who is a citizen of Oklahoma, with specific provisions for military personnel and their families. The bill allows for exceptions to the limitation on acreage for certain homesteads, particularly those classified as agricultural land. It also stipulates that the surviving spouse and minor children of a deceased person are considered record owners of the homestead if the title was in the deceased's name as of January 1.

Additionally, the bill updates statutory language and includes provisions for individuals affected by tornadoes, allowing them to be deemed record owners under certain conditions. It specifies that urban homesteads cannot exceed one acre and outlines the treatment of improvements affixed to real property owned by a city or town for disabled veterans and their surviving spouses. The effective date for this act is set for January 1, 2027.