Constitutional amendment; eliminating income threshold to qualify for certain limit on fair cash value of homestead for certain individuals.
Impact
If approved, SJR27 would provide significant financial relief to a substantial number of senior citizens by allowing them to benefit from property tax limitations regardless of their overall income. Currently, seniors must meet specific income criteria to qualify for the 'senior freeze' which caps the fair cash value of their homestead. By removing these income requirements, the resolution aims to assist senior homeowners in managing their financial burdens, particularly in areas with rising property values. This could potentially result in increased stability for seniors living on fixed incomes.
Summary
SJR27 is a proposed joint resolution aimed at amending the Oklahoma Constitution, specifically Section 8C of Article X. The key change proposed by this bill is the elimination of the income threshold that currently restricts individuals aged sixty-five or older from qualifying for a limit on the fair cash value of their homestead. Currently, the property value limitation is contingent upon the gross household income, but this amendment seeks to remove those income limits completely starting in 2025. The goal is to simplify the process for eligible seniors seeking property value exemptions on their homes.
Contention
While supporters of SJR27 emphasize its potential to provide necessary support to older homeowners, there may be concerns regarding the fiscal implications for local governments and the general taxpayer base. The removal of the income threshold could lead to a decrease in property tax revenue, posing challenges for municipalities that rely on this funding for essential services. Critics might argue that such a fiscal shift could necessitate tax increases elsewhere or cuts to public services, raising questions about the bill's long-term sustainability and fairness.
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; 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: 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