Oklahoma House Bill HJR1025

Oklahoma 2023 Regular Session

• Introduced: 2/6/23
• Refer: 2/7/23

Caption

Oklahoma Constitution; ad valorem taxation; homesteads; age; income; ballot title; filing.

Impact

Should HJR1025 be enacted, it would significantly influence state laws pertaining to property taxation for senior citizens in Oklahoma. The current provision establishes that homesteads for individuals aged 65 and older cannot see an increase in their assessed value if their household income falls below a specific limit. This amendment seeks to affirm this protection while doubling the income ceiling for eligibility, which may provide additional financial relief to a segment of the elderly population.

Summary

HJR1025 is a proposed constitutional amendment that seeks to revise Section 8C of Article X of the Oklahoma Constitution with respect to property tax assessments for individuals who are 65 years of age or older. The resolution directs that the proposed amendment be submitted to voters for approval or rejection. The key intent is to ensure that the fair cash value of homestead properties owned by eligible individuals does not increase once they reach the age threshold, provided they meet certain gross household income criteria set by the law.

Contention

There are notable implications and potential points of contention surrounding HJR1025, particularly about the fairness of tax policies for different demographics. Proponents of the bill argue that it provides necessary protection to a vulnerable population that is often living on fixed incomes, preventing them from being priced out of their homes due to rising property taxes. Conversely, opponents may raise concerns about the broader fiscal impacts of such a tax exemption amendment on state revenue, questioning how it will affect funding for public services relied on by all citizens.