Bill > SJR39

This Joint Resolution directs the Secretary of State to put proposed amendments to the Oklahoma Constitution before the voters for approval or rejection, specifically concerning how the value of real property is assessed for tax purposes. The amendments aim to reduce the annual percentage increase allowed for the "fair cash value" (the estimated market value) of most real property, lowering it from a maximum of 5% to 4% for tax years starting in 2027, and for properties with a homestead exemption or classified as agricultural land, from 3% to 1.75% for the same period. Additionally, it modifies the existing "senior freeze" provision for homeowners aged 65 and older, which previously prevented any increase in their homestead's fair cash value if their income was below a certain threshold. The proposed change would instead establish a tiered system of limited annual increases, ranging from no increase for those at or below 100% of the median household income for their area, up to 1.75% for those exceeding 180% of that median income, with various percentages in between based on income levels. The resolution also specifies the ballot title that will be used to present these changes to the public and mandates the filing of the resolution with state officials.