OK HB3565

Amends Oklahoma's homestead exemption from ad valorem (property) taxation, which currently exempts $1,000 of assessed valuation from property taxes

Creates a two-year program beginning January 1, 2027, that increases the homestead exemption for eligible homeowners by the dollar amount their property's fair cash value increased from the prior year

Limits eligibility to homeowners with gross household income equal to or less than triple the state's median gross household income

Locks in the total exemption amount if a homeowner exceeds the income threshold in subsequent years, maintaining their exemption until they re-qualify; exemption also cannot decrease if property value drops

Requires county assessors to annually calculate fair cash value changes for each eligible homestead and adjust exemptions accordingly