OK HB3569

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

For tax years 2028, 2029, and 2030, increases the homestead exemption for homeowners with household income at or below 3 times Oklahoma's median household income (as determined by U.S. Census Bureau)

Calculates the enhanced exemption by adding: the previous year's exemption amount, any increase in fair cash value from the prior year, plus 20% of the current fair cash value of the homestead

Homeowners exceeding the income threshold retain their previous year's exemption amount without the annual increases; first-time eligible homeowners receive the base $1,000 exemption plus 20% of fair cash value

Protects homeowners from exemption reductions if their property value decreases, maintaining the prior year's exemption amount; effective date is January 1, 2027