OKLAHOMA CITY – For the second time in three years, the Oklahoma House of Representatives has approved an increase to the income qualifier for an additional homestead exemption to aid Oklahomans living on a fixed income.
House Bill 1926, authored by Rep. Lonnie Sims, R-Jenks, increases the income qualifier for the additional homestead exemption from $25,000 to $30,000. Sims said many seniors living on fixed incomes are losing this benefit because the increases to Social Security have pushed them over the income qualifier.
"Unfortunately, due to the rise of inflation we've seen in the past few years, Oklahoma's seniors on a fixed income are now facing the same concerns and no longer qualify for the additional homestead exemption," Sims said. "House Bill 1926 raises the income qualifier accordingly to keep pace with these cost-of-living adjustments and ensures our seniors can still claim this exemption."
The federal Supplemental Security Income (SSI) program saw a cost-of-living increase of 5.9% in 2022 and an 8.7% increase in 2023.
In 2021, Sims saw legislation signed into law increasing the income threshold from $20,000 to its current $25,000. Until that bill took effect, the qualifier had not been raised since 1997.
HB1926 passed the House 92-0 with its title off and now transfers to the Senate for consideration.
If you or your loved one owns their home and is looking to take advantage of the tax breaks available for home owners in retirement age click the link below to download the homestead exemption form. If you have detailed questions please don't hesitate to reach out to our staff at the Oklahoma Real Estate Show At 405-592-3132
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