Bill > HJR1004

This joint resolution proposes a constitutional amendment to Oklahoma's property tax assessment system, specifically protecting long-term homeowners with lower incomes from property value increases. Starting January 1, 2026, homeowners who have owned and occupied their property for at least ten years and have a gross household income below a certain threshold (determined annually by the U.S. Department of Housing and Urban Development as the estimated low income for their county) would have their property's fair cash value "frozen" at the valuation from their tenth year of ownership. If homeowners make improvements to the property, those improvements can be assessed and added to the property's value, but the total value remains capped. If the homeowner's income subsequently exceeds the threshold or they no longer own and occupy the property, the property will be reassessed under standard valuation rules. The resolution includes a ballot title that succinctly explains the proposed amendment and directs the Secretary of State to refer the proposed constitutional change to voters for approval or rejection, with the Chief Clerk of the House of Representatives responsible for filing copies of the resolution with the Secretary of State and Attorney General.

http://www.oklegislature.gov/BillInfo.aspx?Bill=hjr1004&Session=2600