Monday, March 14, 2011

Senior Property Value Freeze Passes House Vote on Way to the People

A resolution that would send a property tax valuation freeze for Oklahomans over the age of 65 to a vote of the people Passes the House today 82-13.

Bill Summary: HJR1001 by Rep. David Dank, R-Oklahoma City, directs the Secretary of State to refer a proposed constitutional amendment to a vote of the people. The constitutional amendment would allow people aged 65 and older, regardless of their income level, to qualify for a property tax benefit so long as they own and occupy the property. For the purposes of property taxes, beginning January 1, 2013 the fair cash value of the property would not increase above the value placed on the property in the year the owner turned 65 years old; any improvements made would be added to the assessed value.
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