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STATE OF OKLAHOMA
2nd Session of the 60th Legislature (2026)
HOUSE BILL 3564 By: Wolfley
AS INTRODUCED
An Act relating to revenue and taxation; amending 68
O.S. 2021, Section 2889, which relates to homestead
exemption from ad valorem taxation; establishing an
increase in homestead exemption under certain
circumstances; providing calculation for increase in
homestead exemption; requiring increase in exemption
to only apply to certain persons; requiring county
assessor to calculate change in fair cash value; and
providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 68 O.S. 2021, Section 2889, is
amended to read as follows:
Section 2889. A. Homesteads, as defined in Section 2888 of
this title, are hereby classified for the purpose of taxation as
provided in Section 22 of Article X of the Oklahoma Constitution.
All homesteads in this state shall be assessed for taxation the same
as other real property therein, except that each homestead, as
defined by Section 2801 et seq. of this title, shall be exempted
from all forms of ad valorem taxation to the extent of One Thousand
Dollars ($1,000.00) of the assessed valuation.
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B. 1. There shall be an increase to the exemption prescribed
by subsection A of this section if the gross household income of the
homeowner is equal to or less than triple the median gross household
income for this state. The amount of the increase equals the dollar
amount of the increase in the fair cash value of the homestead
compared to the preceding tax year. This increase shall only apply
if the homeowner is age sixty-five (65) or older.
2. In the event that in a subsequent year the income threshold
prescribed by paragraph 1 of this subsection is exceeded, the total
dollar amount of the homestead exemption, including any increase
previously received, shall remain the same until the next year in
which the income threshold is met. In the event the fair cash value
of the homestead decreases, the total dollar amount of the homestead
exemption received shall equal the amount of the exemption received
in the preceding tax year.
C. The county assessor shall adjust the homestead exemption
annually by calculating the change in the fair cash value from the
preceding tax year for each eligible homestead and applying it to
the exemption prescribed by subsection A of this section.
SECTION 2. This act shall become effective January 1, 2027.
60-2-13999 AO 01/07/26