Bill > HJR1081

This joint resolution directs the Secretary of State to present a proposed amendment to the Oklahoma Constitution to voters for their approval or rejection. The amendment would modify the rules for limiting the "fair cash value" (the market value of property) of a homestead, which is a primary residence, for individuals who are 65 years or older. Specifically, it would remove the requirement that these individuals meet a certain household income threshold to qualify for the limit on property value increases. Instead, the limit would apply if the owner has occupied the property for at least seven years and the homestead's fair cash value does not exceed $700,000. The amendment also clarifies that temporary absences from the home for up to 365 days within a seven-year period would not disqualify an owner, and that the fair cash value would be determined in the same way as for all other property tax purposes. 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=hjr1081&Session=2600