OK HB1198

Modifies the definition of "gross household income" for purposes of the additional homestead exemption to exclude veterans' disability compensation payments and federal stimulus or relief payments related to COVID-19, while including all other types of income regardless of source.

Maintains the $1,000 additional homestead exemption for heads of households with gross household income not exceeding $30,000 for the preceding calendar year.

Persons age 65 or older who previously qualified for the exemption are not required to file annual applications, but must notify the county assessor if their gross household income exceeds the $30,000 threshold in any year.

Requires executors or administrators of estates containing exempt homestead property to notify the county assessor if the property is no longer owned by someone eligible for the exemption.

Act becomes effective November 1, 2025.