The potential impact of HJR1042 on state laws is significant as it alters the existing provisions that dictate how properties are valued for tax purposes. If approved, the amendment could enhance financial stability for a segment of the elderly population, allowing them to retain their homes without facing increased tax burdens due to increased property valuations. Furthermore, it aligns the income qualification criteria with the median income metrics established by the U.S. Department of Housing and Urban Development, facilitating consistency across county assessments. This change is expected to simplify the evaluation process for seniors living on fixed incomes and contribute to housing stability for these citizens.
Summary
HJR1042 is a proposed amendment to Section 8C of Article X of the Oklahoma Constitution, aimed at modifying the provisions related to fair cash value limits on homesteaded properties owned by individuals aged 65 or older. The amendment seeks to ensure that the fair cash value of such properties does not increase for property tax purposes as long as the owner's gross household income remains below specified thresholds. For single homeowners, this threshold is set at $75,000, while for multiple owners, the limit is $150,000. This distinction aims to provide financial relief to senior citizens by protecting them from rising property taxes as property values increase.
Contention
During discussions, HJR1042 has received varying opinions regarding its implications. Proponents argue that the bill addresses a necessary relief for senior citizens who may otherwise be priced out of their homes as property taxes rise. They emphasize the importance of protecting vulnerable populations on fixed incomes, highlighting the affordability crisis among seniors. Conversely, opponents raise concerns over the long-term fiscal impacts on state and local revenues resulting from this amendment. Critics suggest that while the intention is to assist seniors, the reduction in property tax income may hinder funding for local services vital for various community sectors.
Individual income tax: property tax credit; credit percentages; modify. Amends secs. 508, 510 & 522 of 1967 PA 281 (MCL 206.508 et seq.). TIE BAR WITH: SB 0345'25
Individual income tax: property tax credit; credit for disabled veterans or widow or widower of disabled veterans who rent or lease a homestead; increase. Amends secs. 506, 520, 522 & 530 of 1967 PA 281 (MCL 206.506 et seq.).
Individual income tax: income; certain references in the income tax act; make gender neutral. Amends secs. 311, 504 & 522 of 1967 PA 281 (MCL 206.311 et seq.). TIE BAR WITH: HJR F'23
Individual income tax: property tax credit; replacement of disabled veterans property tax exemption with a property tax credit for disabled veterans; provide for. Amends secs. 520, 522 & 524 of 1967 PA 281 (MCL 206.520 et seq.) & adds sec. 521. TIE BAR WITH: SB 0096'23
Individual income tax: property tax credit; replacement of disabled veterans property tax exemption with a property tax credit for disabled veterans; provide for. Amends secs. 520, 522 & 524 of 1967 PA 281 (MCL 206.520 et seq.) & adds sec. 521. TIE BAR WITH: HB 4895'23
Individual income tax: property tax credit; replacement of disabled veterans property tax exemption with a property tax credit for disabled veterans; provide for. Amends secs. 520, 522 & 524 of 1967 PA 281 (MCL 206.520 et seq.) & adds sec. 521. TIE BAR WITH: SB 0455'23
House Substitute for SB 300 by Committee on Taxation - Modifying income tax rates for individuals, increasing the standard deduction and the Kansas personal exemption, increasing the income limit for an income tax subtraction modification for social security income, increasing the extent of property tax exemption for residential property from the statewide school levy, decreasing the privilege tax normal tax rate, abolishing the local ad valorem tax reduction fund and the county and city revenue sharing fund, providing for certain transfers to the special city and county highway fund and decreasing the rate of ad valorem tax imposed by a school district.