1| STATE OF OKLAHOMA |
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2| 1st Session of the 59th Legislature (2023) |
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3|HOUSE JOINT |
|RESOLUTION 1042 By: Hays |
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| AS INTRODUCED |
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| A Joint Resolution directing the Secretary of State |
8| to refer to the people for their approval or |
| rejection a proposed amendment to Section 8C of |
9| Article X of the Constitution of the State of |
| Oklahoma; modifying provisions related to qualifying |
10| income limits; providing ballot title; and directing |
| filing. |
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13|BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES AND THE SENATE OF THE |
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14|1ST SESSION OF THE 59TH OKLAHOMA LEGISLATURE: |
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15| SECTION 1. The Secretary of State shall refer to the people for |
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16|their approval or rejection, as and in the manner provided by law, |
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17|the following proposed amendment to Section 8C of Article X of the |
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18|Constitution of the State of Oklahoma to read as follows: |
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19| Section 8C. |
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20|Limit on fair cash value on homestead. |
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21| A. Despite any provision to the contrary, beginning January 1, |
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22|2005 2025, the fair cash value, as determined by law, on each |
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23|homestead of an individual head of household whose gross household |
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24|income from all sources for the preceding calendar year did not |
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1|exceed an amount as provided in this subsection B of this section, |
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2|and which individual head of household is sixty-five (65) years of |
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3|age or older, shall not exceed the fair cash value placed upon the |
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4|property during the first year in which the individual head of |
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5|household was sixty-five (65) years of age or older and had gross |
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6|household income from all sources which did not exceed an amount as |
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7|provided in subsection B of this section Seventy-five Thousand |
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8|Dollars ($75,000.00) if the homestead is owned by one person or |
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9|which did not exceed One Hundred Fifty Thousand Dollars |
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10|($150,000.00) if the homestead is owned by two or more persons. |
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11|Subject to the limitations of this section, the fair cash value |
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12|shall not exceed such amount as long as the individual head of |
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13|household who is sixty-five (65) years of age or older owns and |
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14|occupies the property and as long as the gross household income from |
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15|all sources does not exceed an amount as provided in this subsection |
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16|B of this section. The homestead must be occupied by the owner or |
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17|owners for at least twenty four (24) months prior to the first year |
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18|the prohibition on increases in the fair cash value of the homestead |
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19|is in effect as otherwise provided by this section. If any |
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20|improvements are made to the property, the fair cash value of the |
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21|improvements shall be assessed in accordance with law by the county |
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22|assessor and added to the assessed value of the property. Once the |
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23|fair cash value of the improvements has been added to the fair cash |
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24|value of the property, the total fair cash value shall not exceed |
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1|the revised valuation of the property so long as the individual head |
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2|of household who is sixty-five (65) years of age or older owns and |
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3|occupies the property and so long as the gross household income from |
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4|all sources does not exceed an amount as provided in subsection B of |
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5|this section. For any individual head of household who is |
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6|sixty-five (65) years of age or older prior to January 1, 1997, and |
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7|has gross household income from all sources of Twenty-five Thousand |
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8|Dollars ($25,000.00) or less in calendar year 1996, the fair cash |
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9|value of the real property shall be the fair cash value placed upon |
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10|the property on January 1, 1997. If the individual head of |
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11|household ceases to own and occupy the property or if the gross |
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12|household income from all sources exceeds an amount as provided in |
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13|subsection B of this section, the fair cash value of the property |
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14|shall be determined as if the provisions of Section 8 of Article X |
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15|of the Constitution of the State of Oklahoma or any other provisions |
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16|relating to a limitation on the fair cash value of locally assessed |
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17|real property had been in effect during the time the property was |
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18|valued pursuant to the provisions of this section. |
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19| B. The income threshold for the gross household income from all |
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20|sources for an individual head of household under this section shall |
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21|not exceed the amount determined by the United States Department of |
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22|Housing and Urban Development to be the estimated median income for |
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23|the preceding year for the county or metropolitan statistical area |
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24|which includes such county. The Oklahoma Tax Commission shall |
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1|provide such information to each county assessor each year as soon |
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2|as such information becomes available. |
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1|occupied for twenty-four (24) months by the owner or owners before |
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2|they could qualify for protection against increases in fair cash |
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3|value of homestead property. |
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4| SHALL THE PROPOSAL BE APPROVED? |
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5| FOR THE PROPOSAL YES _____________ |
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6| AGAINST THE PROPOSAL NO _____________ |
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7| SECTION 3. The Chief Clerk of the House of Representatives, |
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8|immediately after the passage of this resolution, shall prepare and |
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9|file one copy thereof, including the Ballot Title set forth in |
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10|SECTION 2 hereof, with the Secretary of State and one copy with the |
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11|Attorney General. |
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13| 59-1-6638 MAH 01/09/23 |
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