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STATE OF OKLAHOMA
2nd Session of the 60th Legislature (2026)
HOUSE BILL 3308 By: Steagall
AS INTRODUCED
An Act relating to revenue and taxation; creating an
exemption from ad valorem taxation for certain
homesteads; providing for uniform application of
exemption; requiring exemption to supersede any
lesser exemption; prohibiting exemption from applying
in certain circumstances; directing the Oklahoma Tax
Commission to promulgate rules and provide forms;
requiring county assessors to apply exemption
automatically to certain properties; providing for
codification; and providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2888.1 of Title 68, unless there
is created a duplication in numbering, reads as follows:
A. For tax year 2027 and all subsequent tax years, every
homestead qualified under the laws of this state shall be exempt
from all ad valorem taxation as follows:
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1. For tax year 2027, in the amount equal to thirty-three and
one-third percent (33 1/3%) of the full value of the homestead;
2. For tax year 2028, in the amount equal to sixty-six and two-
thirds percent (66 2/3%) of the full assessed value of the
homestead; and
3. For tax year 2029 and all subsequent tax years, in the
amount equal to one hundred percent (100%) of the full assessed
value of the homestead.
B. The exemption provided for in subsection A of this section
shall be the greater of any current exemption for homesteads or that
provided in subsection A of this section and shall apply uniformly
to every qualifying homestead within the state and shall supersede
any lesser exemption provided by prior law.
C. Notwithstanding any provision of this act, the exemption
provided for in subsection A of this section shall not apply to ad
valorem taxes levied for the payment of principal or interest on any
valid bonded indebtedness incurred by any school district, county,
municipality, or other political subdivision prior to December 31,
2026.
D. The Oklahoma Tax Commission shall promulgate rules and
provide all forms necessary to implement the incremental exemptions
set forth in subsection A of this section not later than December
31, 2026. County assessors shall apply the applicable percentage
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exemption automatically to all properties currently receiving the
homestead exemption.
SECTION 2. This act shall become effective January 1, 2027.
60-2-15419 AO 12/11/25