Ad valorem tax; modifying amount of exemption, income limit, and age for additional homestead exemption. Effective date.

This bill changes the additional homestead exemption for property taxes in Oklahoma. It increases the exemption amount from $1,000 to $3,000 of assessed value and raises the maximum household income to qualify from $30,000 to $40,000. It also lowers the age for seniors to automatically receive the exemption without reapplying from 65 to 60 years old.

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