OK HB3308

Creates a phased-in ad valorem property tax exemption for qualified homesteads: 33⅓% exemption in tax year 2027, 66⅔% in 2028, and 100% exemption in 2029 and thereafter

Exemption applies uniformly to all qualifying homesteads statewide and supersedes any lesser existing homestead exemption

Exemption does not apply to ad valorem taxes levied for principal or interest payments on bonded indebtedness incurred by school districts, counties, municipalities, or other political subdivisions prior to December 31, 2026

Oklahoma Tax Commission must promulgate rules and provide forms by December 31, 2026; county assessors must automatically apply the exemption to properties already receiving homestead exemption

Effective date of January 1, 2027