HJR 1031 - Summary

• Proposes constitutional amendment to Section 8C of Article X establishing fixed income limits for homestead property tax exemptions ($55,000 for single individuals, $65,000 for married couples) instead of using federal median income calculations.

• Creates new Section 8H of Article X providing full homestead property tax exemption for individuals determined to have 100% disability by the Social Security Administration.

• Changes effective date of income limit modifications from 2005 to 2013 for homestead valuation freeze eligibility.

• Requires submission of proposed amendment to Oklahoma voters for approval via referendum with specified ballot language and gist of proposition.

• Directs Chief Clerk of House to file approved resolution with Secretary of State and Attorney General immediately after passage.