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STATE OF OKLAHOMA
2nd Session of the 60th Legislature (2026)
SENATE BILL 1987 By: Bullard
AS INTRODUCED
An Act relating to ad valorem; amending 68 O.S. 2021,
Section 2889, which relates to classifications of
homesteads; modifying exemption amount of homesteads
for certain tax years; providing additional homestead
exemption upon meeting certain conditions; 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 for tax years 1988
through 2026, and Two Thousand Dollars ($2,000.00) for tax year 2027
and subsequent tax years.
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B. In addition to the exemption provided for in subsection A of
this section, for tax year 2027 and subsequent tax years, homesteads
exempt from ad valorem taxation pursuant to this section shall be
further exempted from all forms of ad valorem taxation to the extent
of Three Thousand Dollars ($3,000.00) of the assessed valuation if
the following conditions are satisfied:
1. For the prior tax year, the county excise board in the
county where the homestead is located certifies that ad valorem
revenue collections exceeded the collections from the preceding tax
year by at least five percent (5%); and
2. The board of county commissioners in the county where the
homestead is located, upon receipt of a certification made pursuant
to paragraph 1 of this subsection, approves the additional exemption
provided for in this subsection.
SECTION 2. This act shall become effective November 1, 2026.
60-2-2354 QD 1/15/2026 9:37:37 AM