Oklahoma State Question 677 (1996)
The official ballot summary reads:
This measure amends the Oklahoma Constitution. This measure would add a new section to Article 10 to be designated section 8C. It would limit the fair cash value on a homestead for property tax purposes. The homestead must be owned by a person who is 65 years of age or older, with a gross household income of $25,000 or less. The fair cash value would not exceed the value of the homestead the first year the individual reached the age of 65 years and had a gross household income of $25,000 or less. Improvements to the property would be added to the assessed value of the property. This measure would become effective on January 1, 1997. If the individual ceases to own and occupy the property, the fair cash value would be assessed as all other real property. If the gross household income exceeds $25,000, the fair cash value will be determined as all other real property according to law.
This amendment passed with 805,724 voters supporting the initiative, and 290,568 voters in opposition.
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