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

HB 4496 increases the homestead exemption from ad valorem property taxation in Oklahoma from $1,000 to $2,000 per qualifying homestead. This change directly affects Oklahoma homeowners who qualify as homestead owners under state law, reducing their property tax burden on the first $2,000 of their home's assessed value. The bill amends Section 2889 of Oklahoma Statutes to update the exemption amount, maintaining the existing classification of homesteads for tax purposes. It will take effect on November 1, 2026.