Ad valorem tax; homestead exemption; modifying definitions. Effective date.

SB 2146 clarifies and updates Oklahoma's homestead tax exemption rules, affecting homeowners who qualify for property tax relief. It sets a 160-acre limit for rural homesteads (including agricultural land) and a 1-acre limit for urban homesteads, while specifying that agricultural land use categories are excluded from urban exemptions. The bill adds a special provision allowing tornado victims (from 2013 onward with a Presidential disaster declaration) to claim exemptions using simplified ownership documentation if they rebuilt elsewhere in Oklahoma. It also ensures parents living with children on jointly owned property can claim the full exemption. The changes take effect January 1, 2027.