Ad valorem tax; modifying homestead exemption; providing additional homestead exemption. Effective date.

SB 1987 increases Oklahoma's homestead property tax exemption for homeowners. Starting in tax year 2027, all homesteads receive a base exemption of $2,000 (up from $1,000), with an additional $3,000 exemption possible if two conditions are met: the county's property tax revenue grew by at least 5% compared to the prior year, and the county commission approves the extra exemption. This bill directly affects homeowners in counties that meet the revenue growth threshold and receive county commission approval. The changes take effect November 1, 2026.