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

HB 3564 increases Oklahoma's homestead property tax exemption for homeowners aged 65 or older with household income at or below three times the state median. The base $1,000 exemption is raised annually by the dollar amount of the home's value increase from the previous year, if the homeowner meets income and age criteria. If income exceeds the threshold or the home's value decreases, the exemption amount remains fixed at the prior year's level until conditions improve. This change takes effect January 1, 2027.