OK HB3135

Increases the standard homestead exemption from ad valorem taxation from $1,000 to $2,000 of assessed valuation

Creates an additional $3,000 exemption from ad valorem taxation for homesteads, potentially raising the total exemption to $5,000 of assessed valuation

The additional $3,000 exemption requires the county excise board to certify that current year ad valorem revenue collections exceed the prior year's collections by at least 5%

The board of county commissioners must approve the additional exemption after receiving certification from the county excise board

Effective date of January 1, 2027, with the conditional exemption applying to tax year 2027 and subsequent years