OK SB272

Homestead exemption remains at $1,000 of assessed valuation for tax years ending on or before December 31, 2015, and for first-time applicants.

Beginning January 1, 2016, homestead exemption amounts shall increase annually if the taxpayer's assessed valuation increased from the prior year and it is not the first year of application.

Annual increase in homestead exemption equals the percentage increase in the property's assessed valuation from the prior year, capped at a maximum of 3% annually.

Act becomes effective January 1, 2016.