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
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2 1st Session of the 60th Legislature (2025)
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3 SENATE BILL 1114 By: Woods
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6 AS INTRODUCED
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7 An Act relating to ad valorem tax; providing credit
7 for owners of property that qualify for certain
8 limitation on the growth of fair cash value;
8 stipulating credit amount; prescribing procedures to
9 claim credit; requiring assessor to deduct credit
9 amount from certain ad valorem tax liability;
10 prohibiting refundability of credit; providing for
10 codification; and providing an effective date.
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13 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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14 SECTION 1. NEW LAW A new section of law to be codified
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15 in the Oklahoma Statutes as Section 2952 of Title 68, unless there
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16 is created a duplication in numbering, reads as follows:
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17 A. For tax years 2026 and subsequent tax years, there shall be
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18 allowed a credit against the ad valorem tax levied pursuant to
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19 Article X of the Oklahoma Constitution for owners of a homestead
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20 that qualify for the limitation on the increase of fair cash value
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21 pursuant to Section 8C of Article X of the Oklahoma Constitution in
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22 an amount equal to the difference between the ad valorem tax
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23 liability of the property owner for the homestead property of the
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24 prior tax year and the ad valorem tax liability for the homestead
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Req. No. 1373 Page 1
1 property in the tax year in which the property owner first qualified
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2 for the limitation on the increase of fair cash value pursuant to
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3 Section 8C of Article X of the Oklahoma Constitution. Provided, if
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4 the ad valorem tax liability of the property owner for the homestead
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5 property in the tax year in which the property owner first qualified
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6 for the limitation on the increase of fair cash value pursuant to
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7 Section 8C of Article X of the Oklahoma Constitution exceeds the ad
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8 valorem tax liability of the property for the homestead property in
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9 the prior tax year, there shall be no credit allowed.
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10 B. The credit authorized pursuant to subsection A of this
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11 section shall be claimed on a form prescribed by the county assessor
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12 for the county in which the homestead is located no later than
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13 October 1 of each tax year.
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14 C. The county assessor shall deduct qualifying claims for
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15 credit from the tax liability of the property owner.
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16 D. The credit claimed pursuant to this section shall not be
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17 used to reduce the ad valorem tax liability of the property owner to
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18 less than zero (0).
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19 SECTION 2. This act shall become effective November 1, 2025.
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21 60-1-1373 QD 1/16/2025 3:46:22 PM
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Req. No. 1373 Page 2Every fact on this page links to its source, starting with the official bill record.