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

SB 818 increases Oklahoma's additional homestead property tax exemption from $1,000 to $3,000 annually for qualifying homeowners. It raises the income limit for eligibility from $30,000 to $40,000 in gross household income and lowers the age requirement for automatic renewal from 65 to 60 years old. This bill directly affects low-income homeowners aged 60 or older who meet the income threshold, allowing them to retain the exemption without annual reapplication. The changes take effect November 1, 2025, and require annual income certification for non-senior applicants.