ENGR. H. B. NO. 2446 Summary

• Amends 68 O.S. 2011, Section 2890 to increase the income limit for the additional homestead exemption from $20,000 to the greater of $22,000 or 50% of the median income published by the U.S. Department of Housing and Urban Development (HUD) for the county where the property is located.

• The additional homestead exemption of $1,000 of assessed valuation remains available to heads of households whose gross household income meets the new threshold.

• Maintains existing provisions requiring annual applications, income verification, and exemption loss if income exceeds the qualifying limit.

• Persons 65 years or older who previously qualified are exempt from reapplying annually unless their income exceeds the limit.

• Effective date: January 1, 2015.