OK SB1036

Increases the income eligibility threshold for the additional homestead exemption from $20,000 to $22,000 or 50% of the HUD-estimated median income for the county/metropolitan area, whichever is greater

Maintains the existing $1,000 assessed valuation exemption amount for qualifying homesteads of heads of households

Preserves the exemption for persons 65 years or older who previously qualified, eliminating the need for annual reapplication unless income exceeds the threshold

Requires notification to the county assessor if gross household income exceeds the qualifying amount or if homestead status changes due to death of the property owner

Effective date of January 1, 2013