Oklahoma SJR 16: Constitutional amendment; modifying procedure for fair cash value for improvements on homestead; prohibiting addition of fair cash value on same improvements for certain seniors.

Bill Text

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STATE OF OKLAHOMA

1st Session of the 60th Legislature (2025)

SENATE JOINT
RESOLUTION 16 By: Murdock

AS INTRODUCED

A Joint Resolution directing the Secretary of State
to refer to the people for their approval or
rejection a proposed amendment to Sections 8B and 8C
of Article X of the Oklahoma Constitution; modifying
annual limit on the increase of fair cash value of
real property; modifying procedures for the addition
of fair cash value of improvements to real property;
prohibiting the addition of the fair cash value of
improvements to the homestead of certain seniors;
providing ballot title; and directing filing.

BE IT RESOLVED BY THE SENATE AND THE HOUSE OF REPRESENTATIVES OF THE
1ST SESSION OF THE 60TH OKLAHOMA LEGISLATURE:
SECTION 1. The Secretary of State shall refer to the people for
their approval or rejection, as and in the manner provided by law,
the following proposed amendment to Sections 8B and 8C of Article X
of the Oklahoma Constitution to read as follows:
Section 8B. Despite any provision to the contrary, on and after
January 1, 2013, the fair cash value of any parcel of locally
assessed real property shall not increase by more than five percent
(5%) in any taxable year for tax years 2013 through 2024, and three
percent (3%) in any taxable year for tax year 2025 and subsequent

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tax years; provided, if such property qualified for a homestead
exemption or is classified as agricultural land, any increase to the
fair cash value of such locally assessed real property in a taxable
year shall be limited to three percent (3%). The provisions of this
section shall not apply in any year when title to the property is
transferred, changed, or conveyed to another person or when, prior
to tax year 2025, improvements have been made to the property. If
title to the property is transferred, changed, or conveyed to
another person, the property shall be assessed for that year based
on the fair cash value as set forth in Section 8 of Article X of
this Constitution. If any improvements are made to the property
prior to tax year 2025, the increased value to the property as a
result of the improvement shall be assessed for that year based on
the fair cash value as set forth in Section 8 of Article X of this
Constitution. For improvements made to the property in tax year
2025 and subsequent tax years, the increase in the fair cash value
of the property as a result of the improvement shall be added to the
property in amounts that do not exceed the three-percent annual
limit provided by this section. The provisions of this section
shall not apply to any personal property which may be taxed ad
valorem or any property which may be valued or assessed by the State
Board of Equalization.
The Legislature shall enact any laws necessary to implement the
provisions of this section.

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Section 8C. A. Despite any provision to the contrary,
beginning January 1, 2005, the fair cash value, as determined by
law, on each homestead of an individual head of household whose
gross household income from all sources for the preceding calendar
year did not exceed an amount as provided in subsection B of this
section, and which individual head of household is sixty-five (65)
years of age or older, shall not exceed the fair cash value placed
upon the property during the first year in which the individual head
of household was sixty-five (65) years of age or older and had gross
household income from all sources which did not exceed an amount as
provided in subsection B of this section. Subject to the
limitations of this section, the fair cash value shall not exceed
such amount as long as the individual head of household who is
sixty-five (65) years of age or older owns and occupies the property
and as long as the gross household income from all sources does not
exceed an amount as provided in subsection B of this section. If
any improvements are made to the property prior to tax year 2025,
the fair cash value of the improvements shall be assessed in
accordance with law by the county assessor and added to the assessed
value of the property. Once the fair cash value of the improvements
has been added to the fair cash value of the property, the total
fair cash value shall not exceed the revised valuation of the
property so long as the individual head of household who is sixty-
five (65) years of age or older owns and occupies the property and

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so long as the gross