HB 1851 Summary

• Increases the basic homestead exemption from $1,000 to $2,000 of assessed valuation for ad valorem tax purposes.

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

• Requires annual applications for the additional exemption by March 15 or within 30 days of receiving notice of valuation, using forms prescribed by the Oklahoma Tax Commission.

• Exempts persons age 65 or older who previously qualified from annual reapplication, but requires notification to the county assessor if income exceeds the $20,000 threshold.

• Effective date: January 1, 2016.