Shown verbatim: the complete text as captured from the official PDF posted by the Oklahoma Legislature, fetched 2026-07-23. Page and line markers are part of the official record; nothing is edited or removed. The official bill page.
1 STATE OF OKLAHOMA
2 2nd Session of the 60th Legislature (2026)
3 HOUSE BILL 3564 By: Wolfley
4
5
6 AS INTRODUCED
7 An Act relating to revenue and taxation; amending 68
O.S. 2021, Section 2889, which relates to homestead
8 exemption from ad valorem taxation; establishing an
increase in homestead exemption under certain
9 circumstances; providing calculation for increase in
homestead exemption; requiring increase in exemption
10 to only apply to certain persons; requiring county
assessor to calculate change in fair cash value; and
11 providing an effective date.
12
13
14 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
15 SECTION 1. AMENDATORY 68 O.S. 2021, Section 2889, is
16 amended to read as follows:
17 Section 2889. A. Homesteads, as defined in Section 2888 of
18 this title, are hereby classified for the purpose of taxation as
19 provided in Section 22 of Article X of the Oklahoma Constitution.
20 All homesteads in this state shall be assessed for taxation the same
21 as other real property therein, except that each homestead, as
22 defined by Section 2801 et seq. of this title, shall be exempted
23 from all forms of ad valorem taxation to the extent of One Thousand
24 Dollars ($1,000.00) of the assessed valuation.
Req. No. 13999 Page 1
1 B. 1. There shall be an increase to the exemption prescribed
2 by subsection A of this section if the gross household income of the
3 homeowner is equal to or less than triple the median gross household
4 income for this state. The amount of the increase equals the dollar
5 amount of the increase in the fair cash value of the homestead
6 compared to the preceding tax year. This increase shall only apply
7 if the homeowner is age sixty-five (65) or older.
8 2. In the event that in a subsequent year the income threshold
9 prescribed by paragraph 1 of this subsection is exceeded, the total
10 dollar amount of the homestead exemption, including any increase
11 previously received, shall remain the same until the next year in
12 which the income threshold is met. In the event the fair cash value
13 of the homestead decreases, the total dollar amount of the homestead
14 exemption received shall equal the amount of the exemption received
15 in the preceding tax year.
16 C. The county assessor shall adjust the homestead exemption
17 annually by calculating the change in the fair cash value from the
18 preceding tax year for each eligible homestead and applying it to
19 the exemption prescribed by subsection A of this section.
20 SECTION 2. This act shall become effective January 1, 2027.
21
22 60-2-13999 AO 01/07/26
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Req. No. 13999 Page 2Every fact on this page links to its source, starting with the official bill record.