Ad valorem tax; modifying amount of exemption, income limit, and age for additional homestead exemption. Effective date.

SB 818 proposes to increase Oklahoma's additional homestead property tax exemption from $1,000 to $3,000 annually for eligible homeowners. It raises the income limit for qualification from $30,000 to $40,000 and lowers the automatic renewal age from 65 to 60 years. This bill would directly affect low-to-moderate-income homeowners aged 60+ who qualify as heads of household, requiring annual applications unless they meet the age threshold. The changes would take effect November 1, 2025, if passed.