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28	28	STATE OF OKLAHOMA
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30	30	1st Session of the 59th Legislature (2023)
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32	32	HOUSE JOINT
33	33	RESOLUTION 1042 By: Hays
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39	39	AS INTRODUCED
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41	41	A Joint Resolution directing the Secretary of State
42	42	to refer to the people for their approval or
43	43	rejection a proposed amendment to Section 8C of
44	44	Article X of the Constitution of the State of
45	45	Oklahoma; modifying provisions related to qualifying
46	46	income limits; providing ballot title; and directing
47	47	filing.
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52	52	BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES AND THE SENATE OF TH E
53	53	1ST SESSION OF THE 59TH OKLAHOMA LEGISLATURE:
54	54	SECTION 1. The Secretary of State shall refer to the people for
55	55	their approval or rejection, as and in the manner provided by law,
56	56	the following proposed amendment to Section 8C of Article X of the
57	57	Constitution of the State of Okl ahoma to read as follows:
58	58	Section 8C.
59	59	Limit on fair cash value on homestead.
60	60	A. Despite any provision to the contrary, beginning January 1,
61	61	2005 2025, the fair cash value, as determined by law, on each
62	62	homestead of an individual head of house hold whose gross household
63	63	income from all sources for the preceding calendar year did not
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90	90	exceed an amount as provided in this subsection B of this section,
91	91	and which individual head of household is sixty -five (65) years of
92	92	age or older, shall not exceed the fair cash value placed upon the
93	93	property during the first year in which the individual head of
94	94	household was sixty-five (65) years of age or older and had gross
95	95	household income from all sources which did not exceed an amount as
96	96	provided in subsection B of this section Seventy-five Thousand
97	97	Dollars ($75,000.00) if the homestead is owned by one person or
98	98	which did not exceed On e Hundred Fifty Thousand Dollars
99	99	($150,000.00) if the homestead is owned by two or more persons .
100	100	Subject to the limitations of this section, the fair cash value
101	101	shall not exceed such amount as long as the individual head of
102	102	household who is sixty -five (65) years of age or older owns and
103	103	occupies the property and as long as the gross household income from
104	104	all sources does not ex ceed an amount as provided in this subsection
105	105	B of this section. The homestead must be occupied by the owner or
106	106	owners for at least twenty four (24) months prior to the first year
107	107	the prohibition on increases in the fair cash value of the homestead
108	108	is in effect as otherwise provided by this section. If any
109	109	improvements are made to the property, the fair cash value of the
110	110	improvements shall be assessed in accordance with law by the county
111	111	assessor and added to the assessed value of th e property. Once the
112	112	fair cash value of the improvements has been added to the fair cash
113	113	value of the property, the total fair cash value shall not exceed
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140	140	the revised valuation of the property so long as the individual head
141	141	of household who is sixty -five (65) years of age or older owns and
142	142	occupies the property and so long as the gross household income from
143	143	all sources does not exceed an amount as provided in subsection B of
144	144	this section. For any individual head of household who is sixty -
145	145	five (65) years of age or older prior to January 1, 1997, and has
146	146	gross household income from all sources of Twenty -five Thousand
147	147	Dollars ($25,000.00) or less in calendar year 1996, the fair cash
148	148	value of the real property shall be the fair cash value placed upon
149	149	the property on January 1, 1997. If the individual head of
150	150	household ceases to own and occupy the property or if the gross
151	151	household income from all sources exceeds an amount as provided in
152	152	subsection B of this section, the fair cash value of the property
153	153	shall be determined as if the provisions of Section 8 of Article X
154	154	of the Constitution of the State of Oklahoma or any other provisions
155	155	relating to a limitation on the fair cash value of locally assessed
156	156	real property had been in effect during the time the propert y was
157	157	valued pursuant to the provisions of this section.
158	158	B. The income threshold for the gross household income from all
159	159	sources for an individual head of household under this section shall
160	160	not exceed the amount determined by the United States Department of
161	161	Housing and Urban Development to be the estimated median income for
162	162	the preceding year for the county or metropolitan statistical area
163	163	which includes such county. The Oklahoma Tax Commission shall
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190	190	provide such information to each county assessor each y ear as soon
191	191	as such information becomes available.
192	192	SECTION 2. The Ballot Title for the proposed Constitutional
193	193	amendment as set forth in SECTION 1 of this resolution shall be in
194	194	the following form:
195	195	BALLOT TITLE
196	196	Legislative Referendum No. _ ___ State Question No. ____
197	197	THE GIST OF THE PROPOSITION IS AS FOLLOWS:
198	198	This measure amends the Oklahoma Constitu tion. It amends Section 8C
199	199	of Article 10. This section prevents the fair cash value of certain
200	200	homestead properties from increasing for property tax purposes. The
201	201	fair cash value cannot increase if the owner of the property is
202	202	sixty-five (65) years of age or older and the owner's gross
203	203	household income does not exceed a certain amount which is
204	204	determined each year on a county by cou nty basis. This measure
205	205	would change the income lim it. If the homestead is owned by only
206	206	one person, the person would qualify if their income was not in
207	207	excess of Seventy-five Thousand Dollars ($75,000.00) in the
208	208	preceding year. If the homestead i s owned by two or more people,
209	209	they would qualify if the total household income was not in excess
210	210	of One Hundred Fifty Thousand Dollars ($150,000.00) in the preceding
211	211	year. If the owner's or owners' incomes did not exceed those
212	212	amounts, then the fair cash value of their hom estead would not
213	213	increase for property tax purposes. The homestead would need to be
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240	240	occupied for twenty-four (24) months by the owner or owners before
241	241	they could qualify for protection against increas es in fair cash
242	242	value of homestead property.
243	243	SHALL THE PROPOSAL BE APPROVED?
244	244	FOR THE PROPOSAL — YES _____________
245	245	AGAINST THE PROPOSAL — NO _____________
246	246	SECTION 3. The Chief Clerk of the House of Representatives,
247	247	immediately after the passage of this resolution, shall prepare and
248	248	file one copy thereof, including the Ballot Titl e set forth in
249	249	SECTION 2 hereof, with the Secretary of State and one copy with the
250	250	Attorney General.
251	251
252	252	59-1-6638 MAH 01/09/23

Oklahoma 2024 Regular Session

Oklahoma House Bill HJR1042 Compare Versions