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46 | 52 | | |
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47 | 53 | | |
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48 | 54 | | |
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49 | 55 | | |
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50 | 56 | | |
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51 | 57 | | BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES AND T HE SENATE OF THE |
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52 | 58 | | 2ND SESSION OF THE 58TH OKLAHOMA LEGISLATU RE: |
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53 | 59 | | SECTION 1. The Secretary of State shall refer to the people for |
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54 | 60 | | their approval or rejection, as and in the manner provided by law, |
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55 | 61 | | the following proposed amendment to Section 8 C of Article X of the |
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56 | 62 | | Constitution of the State of Oklahoma to read as follows: |
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57 | 63 | | Section 8C. A. Despite any provision to the contrary, |
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58 | 64 | | beginning January 1, 2005 2023, the fair cash value, as determined |
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59 | 65 | | by law, on each homestead of an individual head of household whose |
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60 | 66 | | gross household income from all sources for t he preceding calendar |
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88 | 95 | | section, and which individual head of household who is sixty-five |
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89 | 96 | | (65) years of age or older, shall not excee d the fair cash value |
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90 | 97 | | placed upon the property during the f irst year in which the |
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91 | 98 | | individual head of household was sixty -five (65) years of age or |
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92 | 99 | | older and had gross household income from all sources which did not |
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93 | 100 | | exceed an amount as provided in subsectio n B of this section. |
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94 | 101 | | Subject to the limitations of this se ction, the fair cash value |
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95 | 102 | | shall not exceed such amount as long as the individual head of |
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96 | 103 | | household who is sixty -five (65) years of age or older owns and |
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97 | 104 | | occupies the property and as long as the gr oss household income from |
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98 | 105 | | all sources does not exceed an am ount as provided in subsection B of |
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99 | 106 | | this section. If any improvements are made to the property, the |
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100 | 107 | | fair cash value of the improvements shall be assessed in accordance |
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101 | 108 | | with law by the county asses sor and added to the assessed value of |
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102 | 109 | | the property. Once the fair cash value of the improvements has been |
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103 | 110 | | added to the fair cash value of the property, the total fair cash |
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104 | 111 | | value shall not exceed the revised valuation of the property so long |
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105 | 112 | | as the individual head of household who is sixty-five (65) years of |
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106 | 113 | | age or older owns and occupies the property and so long as the gross |
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107 | 114 | | household income from all sources does not exceed an amount as |
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108 | 115 | | provided in subsection B of this section . For any individual head |
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109 | 116 | | of household who is sixty -five (65) years of age or older pri or to |
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110 | 117 | | January 1, 1997, and has gross household income from all sources of |
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138 | 146 | | 1996, the fair cash value of the real property shall be the fair |
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139 | 147 | | cash value placed upo n the property on January 1, 1997. If the |
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140 | 148 | | individual head of household ceases to own and occupy the property |
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141 | 149 | | or if the gross household income from all sources exceeds an amount |
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142 | 150 | | as provided in subsection B of this section , the fair cash value of |
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143 | 151 | | the property shall be determined as if the provisions of Section 8 |
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144 | 152 | | of Article X of the Constitution of the State of Oklahoma or any |
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145 | 153 | | other provisions relating to a limitation on the fair cash value of |
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146 | 154 | | locally assessed real property had b een in effect during the time |
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147 | 155 | | the property was valued pursu ant to the provisions of this section. |
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148 | 156 | | B. The income threshold for the gross household income from all |
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149 | 157 | | sources for an individual head of household under this section shall |
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150 | 158 | | not exceed the amount de termined by the United States Department of |
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151 | 159 | | Housing and Urban Development to be the estimated median income for |
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152 | 160 | | the preceding year for the county or metropolitan statistical area |
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153 | 161 | | which includes such county. The Oklahoma Tax Commission shall |
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154 | 162 | | provide such information to each county asse ssor each year as soon |
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155 | 163 | | as such information becomes available. |
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156 | 164 | | SECTION 2. The Ballot Title for the proposed Constitutional |
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157 | 165 | | amendment as set forth in SECTION 1 of this resolution shall be in |
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158 | 166 | | the following form: |
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159 | 167 | | BALLOT TITLE |
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160 | 168 | | Legislative Referendum No. ____ State Question No. ____ |
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188 | 197 | | This measure amends the Oklahoma Constitution. It amends |
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189 | 198 | | Section 8C of Article 10. This section limits the fair cash |
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190 | 199 | | value of a homestead for individual head of household s who are |
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191 | 200 | | sixty-five (65) years of age or older to not exceed the fair |
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192 | 201 | | cash value placed upon the property during the first year in |
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193 | 202 | | which the individual head of household was sixty -five (65) years |
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194 | 203 | | of age or older. Currently, this section only applies if the |
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195 | 204 | | individual head of household meets the age requirement and an |
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196 | 205 | | income limit determined by the United States Department of |
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197 | 206 | | Housing and Urban Development to be the estimated median income |
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198 | 207 | | for the preceding year for the county or metropolitan |
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199 | 208 | | statistical area which includes such county . This measure would |
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200 | 209 | | eliminate the required income limit. If this measure passes, |
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201 | 210 | | this section will apply if the individual head of household is |
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202 | 211 | | sixty-five (65) years of age or older . |
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203 | 212 | | SHALL THE PROPOSAL BE APPROVED? |
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204 | 213 | | FOR THE PROPOSAL — YES _____________ |
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205 | 214 | | AGAINST THE PROPOSAL — NO _____________ |
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206 | 215 | | SECTION 3. The Chief Clerk of the House of Representatives, |
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207 | 216 | | immediately after the passage of this resolution, shall prepare and |
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208 | 217 | | file one copy thereof, including the Ballot Title set forth in |
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