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OK SB1987
Bill
Status
2/2/2026
Primary Sponsor
David Bullard
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AI Summary
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Doubles the homestead exemption from $1,000 to $2,000 of assessed valuation beginning in tax year 2027, after maintaining the $1,000 level from 1988 through 2026
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Creates an additional $3,000 homestead exemption (for a potential total of $5,000) starting in tax year 2027 if two conditions are met
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Requires the county excise board to certify that ad valorem revenue collections increased by at least 5% over the prior year to trigger the additional exemption
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Requires the board of county commissioners to approve the additional $3,000 exemption after receiving the certification of increased revenue
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Effective date is November 1, 2026
Legislative Description
Ad valorem tax; modifying homestead exemption; providing additional homestead exemption. Effective date.
Last Action
Second Reading referred to Revenue and Taxation Committee then to Appropriations Committee
2/3/2026