Oklahoma Calculation of Homestead Cash Value, State Question 714 (2004)
The Oklahoma Calculation of Homestead Cash Value Amendment, also known as State Question 714, was on the November 2, 2004 ballot in Oklahoma as a legislatively-referred constitutional amendment, where it was approved. The measure changed the way the fair cash value of a homestead was calculated as well as the income limit for the head of household for individuals over 65 years of age.
|Oklahoma State Question 714 (2004)|
Election results via: Oklahoma Secretary of State
Text of measure
The official ballot title appeared as:
|“||This measure amends the Oklahoma Constitution. It amends Section 8C of Article 10. This measure changes the method for determining the fair cash value of the homestead of certain heads of household. The change only applies to heads of household who meet two requirements. First, they mush be at least 65 years old. Second, their gross household income must meet income level requirements.
This measure changes the income level requirement. At present, to be eligible, the gross household income from all sources must be $25,000 or below. The amendment changes the qualifying income level. To be eligible under the change, gross household income cannot exceed the area's mean income for the prior year. A federal agency determines these mean income levels. The agency determines mean income levels for counties and metropolitan areas. The State Tax Commission must inform each county assessor of the established mean income levels each year. 
The full text of the measure can be read here.
- Oklahoma 2004 ballot measures
- 2004 ballot measures
- List of Oklahoma ballot measures
- History of Initiative & Referendum in Oklahoma
- Oklahoma Secretary of State, "State Questions," accessed November 25, 2014
- Oklahoma Secretary of State, "State Question 714," accessed November 25, 2014
- Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
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