HB 1891 Summary

• Increases homestead exemption from $1,000 to $5,000 of assessed valuation for all Oklahoma homeowners.

• Increases additional homestead exemption from $1,000 to $2,000 of assessed valuation for heads of households with gross household income not exceeding $20,000.

• Additional exemption automatically continues for persons age 65 or older who previously qualified, without requiring annual reapplication.

• Requires notification to county assessor if gross household income exceeds the $20,000 threshold or homestead property status changes.

• Effective date: January 1, 2012.