Read the full stored bill text
Req. No. 15305 Page 1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
STATE OF OKLAHOMA
2nd Session of the 60th Legislature (2026)
HOUSE BILL 3569 By: Wolfley
AS INTRODUCED
An Act relating to revenue and taxation; amending 68
O.S. 2021, Section 2889, which relates to the
homestead exemption for purposes of ad valorem
taxation; increasing amount of exemption for certain
tax years if certain income threshold is met;
providing income threshold; providing calculation for
increase; providing calculation for exemption if
homeowner exceeds income threshold; providing
calculation for exemption if fair cash value of the
homestead decreases; and providing an effective.
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
Req. No. 15305 Page 2
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
from all forms of ad valorem taxation to the extent of One Thousand
Dollars ($1,000.00) of the assessed valuation.
B. For the tax year beginning on January 1, 2028, and for the
next two (2) consecutive tax years thereafter, the amount of the
homestead exemption authorized by subsection A of this section for a
homestead owned and occupied by a homeowner whose total household
income for the preceding tax year is equal to or less than three (3)
times the median household income for the State of Oklahoma, as most
recently determined by the United States Census Bureau, shall be
determined by adding the following:
1. The dollar amount of the homestead exemption for the
immediately preceding tax year;
2. A dollar amount equal to the increase, if any, in the fair
cash value of the homestead for the current tax year over the fair
cash value of the homestead for the immediately preceding tax year;
and
3. A dollar amount equal to twenty percent (20%) of the fair
cash value of the homestead for the current tax year.
If the total household income of the homeowner exceeds three (3)
times the median income for the State of Oklahoma, the amount of the
homestead exemption for that tax year shall remain the same dollar
amount as the previous tax year's exemption. If the current tax
year is the first year the homeowner is eligible for the homestead
exemption as provided by this section, the homestead exemption
Req. No. 15305 Page 3
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
amount shall be the amount prescribed by subsection A of this
section plus a dollar amount equal to twenty percent (20%) of the
fair cash value of the homestead for the current tax year. If the
fair cash value of the homestead is less than the fair cash value of
the homestead for the immediately preceding tax year, the amount of
the homestead exemption shall be the same dollar amount of the
exemption allowed for the immediately preceding tax year and shall
not be reduced due to such decrease in fair cash value.
SECTION 2. This act shall become effective January 1, 2027.
60-2-15305 AO 01/06/26