Revenue and taxation; ad valorem; exemption; homestead; effective date.

HB 3308 increases property tax exemptions for Oklahoma homesteads (primary residences) over three years: 33.3% off taxes in 2027, 66.6% in 2028, and 100% starting in 2029. It applies uniformly to all qualifying homesteads statewide, replacing any smaller existing exemptions. The exemption does not apply to property taxes covering pre-2027 bonded debt (like school bonds) for local governments. The Oklahoma Tax Commission must create implementation rules by December 2026, with county assessors applying the new exemption automatically to current homestead properties.