H.J.Res.1045

Oklahoma HJR1045 proposes a constitutional amendment to limit the fair cash value of homestead property for ad valorem taxation.

Oklahoma HJR1045 proposes a constitutional amendment to limit the fair cash value of homestead property for ad valorem taxation. This measure adds a new Section 8G to Article 10 of the Oklahoma Constitution, preventing an increase in the value of homestead property for taxation. The taxpayer must have owned and occupied the property for at least ten years and meet certain income requirements. If any improvements are made to the property, the fair cash value of the improvements shall be assessed and added to the assessed value of the property.