Bill > HJR1005

This joint resolution proposes an amendment to the Oklahoma Constitution regarding property tax assessment for senior homeowners, specifically modifying the existing rules for limiting increases in a property's fair cash value for individuals 65 years and older. The proposed changes would eliminate the previous income threshold requirement and instead introduce an occupancy requirement of at least ten consecutive years, with an allowance for up to 365 days of absence during that period. The property tax valuation limit would only apply to homesteads valued at $500,000 or less, and the fair cash value would be determined using the same method as other property tax assessments. Seniors who meet the age and occupancy requirements would have their property's fair cash value frozen at the level from the first year they turned 65, with the ability to add the value of any improvements. The resolution directs the Secretary of State to refer this proposed constitutional amendment to voters for approval or rejection, and provides a detailed ballot title explaining the key provisions of the proposed change.

http://www.oklegislature.gov/BillInfo.aspx?Bill=hjr1005&Session=2600