When would it take effect?
The phase-in is structured to begin in the 2027 tax year and reach full effect in 2029.
Archives FAQs
Does SQ 843 eliminate property taxes for everyone?
No. It only applies to a homestead, meaning your primary residence, if you qualify and file for the homestead exemption. Rentals, most investment property, commercial property, and other non-homestead property would still be taxed. If you rent your home, your…
What is SQ 843?
SQ 843 is a proposed change to Oklahoma law that would expand the homestead exemption so property taxes on an owner-occupied primary residence phase down over time, with the goal of reaching a full exemption.
Where can buyers find a licensed home inspector in Oklahoma?
Oklahoma maintains a public license search through the Construction Industries Board (CIB). Buyers and sellers can use this tool to look up licensed home inspectors and confirm active credentials: The CIB provides this information as a public convenience. While the…
What is the seller’s role during the inspection period?
The seller’s role is to provide access, keep utilities on, ensure systems are accessible, and avoid unnecessary stress. Your listing agent helps interpret reports, manage timelines, and keep negotiations grounded in the written contract.
Should sellers worry if follow-up inspections are requested?
Not necessarily. Most home inspectors know a little about a lot of systems. When they flag something for further evaluation, it’s usually a request for a closer look by a specialist, not a sign that something is broken or failing.…
Are termite inspections common?
Termite inspections are very common, but they are not automatically required by the purchase contract. A termite inspection or treatment becomes required only if requested by the buyer and agreed to in writing, or if required by the buyer’s lender…
Can a buyer cancel the contract after the inspection?
Yes. During the inspection period, the buyer has the right to cancel the contract for any reason related to their investigations. If the parties reach a written agreement on repairs or credits, the transaction moves forward toward closing.
What is a Notice of Treatments, Repairs, and Replacements (TRR)?
A TRR is the buyer’s written request for specific repairs after inspections are complete. By submitting a TRR, the buyer waives their right to cancel and moves into a negotiation phase with the seller.