Senate Bill 1114 Advances, Offering Ad Valorem Tax Credit for Oklahoma Seniors

OKLAHOMA CITY – Senator Tom Woods, R-Westville, secured approval from the Senate Revenue and Taxation Committee for Senate Bill 1114. The measure provides an ad valorem tax credit for qualifying Oklahoma seniors.

Under Senate Bill 1114, Oklahomans over 65 and whose income falls below the median household income would receive a credit equal to the difference between the property owner’s ad valorem tax liability for their homestead property in the previous tax year and the tax liability for the homestead property in the first year the owner qualifies for the limitation on the increase in fair cash value.

“This measure offers a true senior freeze to Oklahoma seniors, offering them stability and enabling more of our seniors to remain in the homes they worked hard for,” Woods said. “By offering this tax credit, we are helping to protect our seniors from rising property taxes, ensuring they can stay in their homes and enjoy a secure retirement.”

Senate Bill 1114 is now eligible for consideration by the full Senate. If the bill progresses and is signed into law, the implementation of the tax credit will be decided through a vote on the November 2026 ballot.

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