This bill increases Oklahoma's homestead tax exemption for eligible homeowners by the annual change in their property's fair market value, but only if their household income is at or below three times the state median. The county assessor must adjust the exemption each year based on the previous year's property value change. Homeowners exceeding the income threshold will retain their current exemption amount until income drops below the limit, and exemptions stay frozen if property values decrease. The change takes effect January 1, 2027.
HB 3839 establishes unconditional ownership for owner-occupied residential property in Oklahoma after residential property taxes are eliminated (via State Question 842). It prohibits governments from imposing substitute fees, liens, or assessments that function like tax forfeiture, and bans forced sales for nonpayment of non-tax charges. Homeowners can seek legal remedies, including injunctions or attorney fees, if these protections are violated. The law applies only to residential properties where the owner resides, not commercial or rental properties.
HB 3847 prevents the sale of single-family homes for unpaid property taxes in Oklahoma counties with over 100,000 residents, specifically protecting elderly or disabled homeowners. It requires homeowners aged 65+ or classified as totally disabled (with medical proof), living in their home (not renting it), earning below federal poverty income guidelines, and owning property valued under $180,000 to qualify for an exemption. Homeowners must apply annually to the county treasurer with proof of eligibility, though taxes, interest, and penalties continue to accrue during the exemption. The bill applies only to large counties (per 2020 Census) and takes effect November 1, 2026.
SB 1574 increases Oklahoma's annual cap for affordable housing tax credits from $4 million to $8 million for allocation years beginning on or after July 1, 2026. It directly affects developers of low-income housing projects that qualify under federal tax credit rules and investors claiming these state tax credits. The bill maintains that state credits cannot exceed federal credits for a project and must be used for projects placed in service after July 2015. The change provides more funding for affordable housing initiatives without altering eligibility requirements.
HB 3347 would exempt Oklahoma homeowners aged 65 or older from all property taxes on their primary residence (homestead). Currently, homesteads receive a $1,000 tax exemption; this bill replaces that with full exemption for seniors. The change applies to all property taxes based on home value (ad valorem taxes) and takes effect January 1, 2027. It directly affects Oklahoma seniors living in their primary homes, reducing their property tax burden significantly. The bill amends Oklahoma Statutes Section 2889 to expand the existing homestead exemption for this age group.
HB 4485 requires county assessors to value real property financed with federal low-income housing tax credits (under IRS Section 42) using the income-approach method for property tax assessments. It explicitly prohibits including the value of federal or state low-income housing tax credits when determining a property’s fair cash value. Property owners must provide written notice to the county assessor by January 1 each year if the property uses such credits. The bill takes effect January 1, 2027, and applies specifically to properties using federal tax credits for low-income housing development.
HB 3569 increases Oklahoma's homestead property tax exemption for qualifying homeowners starting in 2028. It directly affects homeowners with household income ≤3 times the state's median income (per U.S. Census data), allowing their exemption to grow annually based on three factors: last year's exemption amount, the property's value increase, and 20% of the current property value. Homeowners exceeding the income threshold will keep their previous year's exemption amount unchanged. The bill takes effect January 1, 2027, with the new calculation method applying to tax years beginning January 1, 2028, and 2029.
HB 4305 modifies how county assessors value affordable housing properties in Oklahoma. It requires assessors to base fair cash value on projected income during construction/lease-up and adjust yearly using net income changes for stabilized properties. If such a property is sold without its affordable housing restrictions, an additional tax is imposed equal to the difference between taxes paid under this method and what would have been paid at the sale price. This tax must be paid by the property owner within 20 days of receiving written notice from the county assessor after the sale.
HJR 1061 proposes a constitutional amendment to exempt Oklahoma homesteads of individuals aged 65 or older from all ad valorem property taxes, provided their household income does not exceed HUD's median income for their county. It would lock the tax-exempt value at the property's fair cash value during the year the owner turned 65 (or 1997 for those already eligible before 1997), eliminating previous income thresholds. The exemption would apply as long as the owner continues to occupy the home and income stays below HUD's annual median threshold. This change would require voter approval through a ballot measure, as the bill is currently pending referral to the electorate.
SB 2000 increases Oklahoma's homestead property tax exemption for primary residences. It raises the exemption amount from $1,000 to $5,000 for tax years beginning in 2027 and beyond, affecting homeowners who qualify as homestead owners under state law. The bill amends Section 2889 of Oklahoma Statutes to reflect this change, maintaining the current $1,000 exemption for tax years through 2026. The increase becomes effective November 1, 2026, reducing property tax bills for qualifying homeowners starting in 2027. This is a direct policy change to property tax relief for residential property owners.
