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OK SB1885
Bill
AI Summary
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Phases out ad valorem (property) taxes on qualified homesteads over three years, replacing the current $1,000 assessed valuation exemption with percentage-based exemptions
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Tax year 2027: homestead exemption increases to 33⅓% of full assessed value
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Tax year 2028: homestead exemption increases to 66⅔% of full assessed value
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Tax year 2029 and beyond: homesteads receive 100% exemption from ad valorem taxation, effectively eliminating property taxes on primary residences
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Effective date of January 1, 2027, with provisions superseding any lesser exemptions provided by prior law
Legislative Description
Ad valorem tax; modifying homestead exemption. Effective date.
Last Action
Second Reading referred to Revenue and Taxation Committee then to Appropriations Committee
2/3/2026