OK SB2001

Amends 68 O.S. 2021, Section 2889 to create an additional homestead exemption for individuals whose previous homestead was purchased by the Oklahoma Turnpike Authority for turnpike construction or expansion

Beginning tax year 2027, qualifying displaced homeowners receive an additional ad valorem tax exemption for three years on their new homestead

The additional exemption limits the property tax liability on the new homestead to equal what the owner paid on their previous homestead in the last tax year before the Authority purchased it

Standard homestead exemption of $1,000 of assessed valuation remains in effect for all other homesteads

Effective date: November 1, 2026