Revenue and taxation; ad valorem; homestead exemption; increase; effective date.

This bill changes how homestead exemptions are calculated for property taxes in Oklahoma, starting in 2028. For homeowners whose income is at or below three times the state's median income, the exemption would increase each year based on the previous year's exemption, any increase in the home's value, and an additional 20% of the current fair cash value. If a homeowner's income is above this threshold, their exemption would stay the same as the previous year.

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