This bill amends Oklahoma's homestead exemption laws by increasing the dollar amount of the exemption from ad valorem taxation. Specifically, the exemption amount is raised from $1,000 to $2,315 for each homestead. Additionally, the bill introduces a provision for adjusting this exemption amount for inflation every five years, starting on January 1, 2032, based on the percentage change in the Consumer Price Index.

Furthermore, the bill also amends the additional homestead exemption, which is available to heads of households with a gross income not exceeding $30,000. This additional exemption amount is similarly increased from $1,000 to $2,315, with the same five-year inflation adjustment provision. The bill outlines the definition of "gross household income" and specifies the application process for the additional exemption, including provisions for individuals aged 65 and older who have previously qualified for the exemption. The act is set to take effect on January 1, 2027.

Statutes affected:
Introduced: 68-2890