Bill > SJR3

This joint resolution proposes a constitutional amendment to modify property tax exemptions for seniors in Oklahoma. Currently, seniors aged 65 or older can have their property's fair cash value frozen at a specific level if their household income meets certain criteria. The proposed amendment would create two distinct periods: from January 1, 2005 through December 31, 2025, the existing income-based valuation limitation continues, and starting January 1, 2026, seniors aged 65 or older or those receiving Social Security retirement benefits would be entitled to a complete exemption from property taxes on their homestead. The income threshold for the existing provision is tied to the median income for the county as determined by the U.S. Department of Housing and Urban Development (HUD). If approved by voters, this constitutional amendment would significantly reduce property tax burdens for qualifying seniors by providing a full exemption rather than just a valuation limitation. The resolution directs the Secretary of State to refer this proposed amendment to voters, with a ballot title that succinctly explains the proposed change and asks voters to approve or reject the measure.

http://www.oklegislature.gov/BillInfo.aspx?Bill=sjr3&Session=2600