Ad valorem tax; assigning certain fair cash value for homestead of those displaced by turnpike construction. Effective date.

SB 2147 ensures that homeowners displaced by Oklahoma turnpike construction receive equitable property tax treatment when they claim a new homestead. If a homeowner's original homestead was purchased by the Oklahoma Department of Transportation for a turnpike project, their new homestead's initial taxable property value must match the taxable value of their prior homestead in the year it was purchased. This provision applies to those claiming a homestead exemption on their new property after displacement. The bill takes effect November 1, 2026, and codifies this tax assignment process in Oklahoma law.