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28	28	STATE OF OKLAHOMA
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30	30	2nd Session of the 59th Legislature (2024)
31	31
32	32	SENATE JOINT
33	33	RESOLUTION 24 By: Bullard
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38	38	AS INTRODUCED
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40	40	A Joint Resolution directing the Secretary of State
41	41	to refer to the people for their approval or
42	42	rejection a proposed amendmen t to Section 8C of
43	43	Article X of the Oklahoma Constitution; eliminating
44	44	income threshold to qualify for limit on fair cash
45	45	value of homestead for individuals sixty -five years
46	46	of age or older; providing ballot title; and
47	47	directing filing.
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52	52	BE IT RESOLVED BY THE SENATE AND THE HOUSE OF REPRESENTATIVES OF THE
53	53	2ND 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	Oklahoma Constitution to read as follows:
58	58	Section 8C. A. Despite any provision to the contrary,
59	59	beginning January 1, 2005, the fair cas h value, as determined by
60	60	law, on each homestead of an individual head of household whose
61	61	gross household income from all sources for the pre ceding calendar
62	62	year did not exceed an amount as provided in subsection B of this
63	63	section, and which individual head of household is sixty -five (65)
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90	90	years of age or older, shall not exceed the fair cash valu e placed
91	91	upon the property du ring the first year in which the individual head
92	92	of household was sixty-five (65) years of age or older and had gross
93	93	household income from all sources which did not exceed an amount as
94	94	provided in subsection B of this section. Subject to the
95	95	limitations of this section, the fair cash value shall not exceed
96	96	such amount as long as the individual head of household who is
97	97	sixty-five (65) years of age or older owns and occupies the property
98	98	and as long as the gross household income from all sources does not
99	99	exceed an amount as provided in subsection B of this section. If
100	100	any improvements are made to the property, the fair cash value of
101	101	the improvements shall be assessed in accordance with law by the
102	102	county assessor and added to the assessed value of the property.
103	103	Once the fair cash value of the improvements has been added to the
104	104	fair cash value of the property, the total fair cash value shall not
105	105	exceed the revised valuation of the property s o long as the
106	106	individual head of househo ld who is sixty-five (65) years of age or
107	107	older owns and occupies the property and so long as the gross
108	108	household income from all sources does not exceed an amount as
109	109	provided in subsection B of this section. For an y individual head
110	110	of household who is sixty -five (65) years of age or older prior to
111	111	January 1, 1997, and has gross household income from all sources of
112	112	Twenty-five Thousand Dollars ($25,000.00) or less in calendar year
113	113	1996, the fair cash value of the rea l property shall be the fair
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140	140	cash value placed upon the property on J anuary 1, 1997. If the
141	141	individual head of househo ld ceases to own and occupy the property
142	142	or if the gross household income from all so urces exceeds an amount
143	143	as provided in subsection B of this section, the fair cash value of
144	144	the property shall be determined as if the provis ions of Section 8
145	145	of Article X of the Constitution of the State of Oklahoma or any
146	146	other provisions relating to a limitation on the fair cash value of
147	147	locally assessed real property had been in effect during the time
148	148	the property was valued pursuant to the provisions of this section.
149	149	B. The For calendar years 2005 through 2024, the income
150	150	threshold for the gross house hold income from all sources for an
151	151	individual head of household under this section shall not exceed the
152	152	amount determined by the United Stat es Department of Housing and
153	153	Urban Development to be the estimated median income for the
154	154	preceding year for the county or metropolitan statistical area which
155	155	includes such county. The Oklahoma Tax Commissio n shall provide
156	156	such information to each county assessor each year as s oon as such
157	157	information becomes available. For calendar year 2025 and
158	158	subsequent calendar ye ars, there shall be no income threshold for
159	159	the limit on fair cash value provided in subsection A of this
160	160	section.
161	161	SECTION 2. The Ballot Title for the proposed Constitutional
162	162	amendment as set forth in SECTION 1 of this resolution shall be in
163	163	the following form:
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190	190	BALLOT TITLE
191	191	Legislative Referendum No. ____ State Question No. ____
192	192	THE GIST OF THE PROPOSITION IS AS FOLLOWS:
193	193	This measure amends Se ction 8C of Article 10 of the Oklahoma
194	194	Constitution. It eliminates the income threshold required to
195	195	qualify for the “senior freeze”. The “senior freeze” limits the
196	196	fair cash value of the homesteads of taxpayers sixty -five (65)
197	197	years of age or older to the amount it was the year limit
198	198	becomes effective.
199	199	SHALL THE PROPOSAL BE APPROVED?
200	200	FOR THE PROPOSAL — YES _____________
201	201	AGAINST THE PROPOSAL — NO _____________
202	202	SECTION 3. The President Pro Tempore of the Senate shall,
203	203	immediately after the passage of this resolution, prepare and file
204	204	one copy thereof, including the Ballot Title set forth in SECTION 2
205	205	hereof, with the Secretary of State a nd one copy with the Attorney
206	206	General.
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208	208	59-2-2545 QD 12/7/2023 12:59:30 PM

Oklahoma 2024 Regular Session

Oklahoma Senate Bill SJR24 Compare Versions