Senate Advances Bill to Provide Property Tax Credit to Oklahoma Seniors

OKLAHOMA CITY – The Oklahoma Senate on Tuesday passed Senate Bill 1114. The measure by Sen. Tom Woods, R-Westville, submits to a vote of the people a constitutional amendment that provides a property tax credit on the homestead of an individual head of household who is at least 65 years of age and qualifies for the limitation on the growth of fair cash value.

“My goal with this bill is to protect Oklahomans over 65, especially retirees, and ensure their property taxes remain stable through a true senior tax freeze,” Woods said. “Many retirees across our state have been left with no choice but to leave their homes after property taxes have continued to rise year after year. This bill will provide much-needed relief for our seniors and allow them to enjoy a secure retirement and remain in the homes they worked hard for.”

The property tax credit would be equal to the difference between the property owner’s current property tax liability for the homestead and the property tax liability of the homestead in the year in which the homestead first qualified for the limitation on fair cash value.

Senate Bill 1114 is now eligible for consideration in the House of Representatives, where Representative Chris Kannady, R-Oklahoma City, is the principal author of the measure.

If the bill advances, the vote on the tax credit will be placed before Oklahoma voters on the November 2026 ballot.

-END-

For more information, contact Sen. Tom Woods at 405-521-5576 or email Tom.Woods@oksenate.gov