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

This bill increases Oklahoma's standard homestead property tax exemption from $1,000 to $2,315, with automatic inflation adjustments every five years starting January 1, 2032. It also creates a new $2,315 exemption for heads of households earning under $30,000 annually in total household income (excluding certain benefits like Social Security or stimulus payments). Homeowners must apply annually for the income-based exemption unless aged 65+, with income verification required through the Oklahoma Tax Commission. The changes take effect January 1, 2027.