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.
HB 3389 limits how landlords in Oklahoma can charge for pets. Landlords may charge either a refundable deposit covering actual pet damage (which must be returned if no damage occurs) or a nonrefundable one-time fee for having a pet, but cannot charge both or impose recurring "pet rent" fees. The law directly affects renters with pets and landlords, prohibiting ongoing monthly charges for pet ownership. It takes effect November 1, 2026, and aims to prevent excessive or recurring pet-related fees.
HB 3961 creates the "Oklahoma Affordable Housing Tax Credit Policy Act of 2026," establishing a new tax credit program to support affordable housing development. The bill directly affects developers and investors who construct or rehabilitate qualifying affordable housing projects in Oklahoma. Key provisions authorize the state to issue tax credits against income tax liabilities for projects meeting specific affordability and location criteria. The program will become effective November 1, 2026, though the bill text does not specify credit amounts, eligibility rules, or administrative details beyond its framework.
HB 3804 requires all property insurance policies covering residential homes in Oklahoma to include coverage for structural damage caused by abandoned oil and gas wells beneath, adjacent to, or on the property. It prohibits insurers from excluding, limiting, or denying such coverage based on causes like subsidence, methane intrusion, or pre-existing wells. The law mandates coverage for structural repairs, soil remediation, well plugging (as required by the Oklahoma Corporation Commission), relocation costs, and testing. Insurers gain subrogation rights to recover costs from responsible parties (like prior operators or the Orphan Well Fund), but homeowners retain independent legal rights. The bill takes effect November 1, 2026.
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.
HB 3751 expands Oklahoma's homestead property tax exemption to include mobile homes and site-built homes (whether on owned or rented/leased land) when occupied as a primary residence. It clarifies that owners must actually reside there to qualify, with special provisions for tornado victims (2013+ disasters with federal disaster declarations). The bill defines rural homesteads as up to 160 acres and urban homesteads as no more than 1 acre. It takes effect January 1, 2027.
HB 3846 creates a new property tax exemption for affordable housing projects financed through Low Income Housing Tax Credits (LIHTC) under federal law. It directly affects developers and operators of such housing who receive LIHTC financing. The bill requires these properties to maintain at least 75% occupancy - either as a single-family dwelling or with an average 75% rate across multi-family units - to keep the tax exemption. If occupancy falls below this threshold, the property loses its exemption for the next assessment year, requiring annual reporting to county assessors.
