Bill > HJR1045

This joint resolution directs the Secretary of State to present a proposed amendment to the Oklahoma Constitution to voters for their approval or rejection. This amendment, if passed, would add a new section that limits the "fair cash value" (the market value used for property taxes) of a homestead property for individuals who have owned and lived in it for at least ten years and meet certain income requirements. Specifically, the property's assessed value would be capped at what it was during the tenth year of ownership, as long as the owner continues to live there and their gross household income remains below a threshold defined by the U.S. Department of Housing and Urban Development (HUD) as the estimated low income for their county. If improvements are made to the property or if the owner no longer meets the income or residency requirements, the property's fair cash value would be reassessed according to standard laws. The resolution also includes the specific wording for the ballot title that voters will see when they vote on this proposed amendment.

http://www.oklegislature.gov/BillInfo.aspx?Bill=hjr1045&Session=2600