Oklahoma Limits on Value of a Homestead, State Question 677 (1996)
The Oklahoma Limits on Value of a Homestead Amendment, also known as State Question 677, was on the November 5, 1996 ballot in Oklahoma as a legislatively-referred constitutional amendment, where it was approved. The measure limited the fair cash value on homesteads owned by individuals older than 65 years of age and with a gross household income of $25,000 or less.
|Oklahoma State Question 677 (1996)|
Election results via: Oklahoma Secretary of State
Text of measure
The ballot summary appeared as:
|“||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.||”|
The full text of the measure can be read here.
- Oklahoma 1996 ballot measures
- 1996 ballot measures
- List of Oklahoma ballot measures
- History of Initiative & Referendum in Oklahoma
- Oklahoma Secretary of State, "State Questions," accessed November 21, 2014
- Oklahoma Secretary of State, "State Question 677," accessed November 21, 2014
- Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
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