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STATE OF OKLAHOMA
2nd Session of the 60th Legislature (2026)
HOUSE BILL 3565 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; 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. Each year, for the following two (2) years, beginning
January 1, 2027, 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.
2. In the event that in a subsequent year the income threshold
prescribed by paragraph one 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.
3. 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.
SECTION 2. This act shall become effective January 1, 2027.
60-2-14000 AO 01/07/26