Constitutional amendment; modifying procedure for fair cash value for improvements on homestead; prohibiting addition of fair cash value on same improvements for certain seniors.

This constitutional amendment (SJR 16) proposes to change Oklahoma's property tax rules by limiting annual valuation increases for most real property to 3% per year. It specifically prohibits adding the value of home improvements (like renovations) to the tax bill for seniors aged 65+ who qualify based on income (below HUD's county median income threshold). The amendment would apply to homestead properties (primary residences) owned by qualifying seniors, preventing future tax increases from new improvements while maintaining the existing 3% cap on overall property value growth. If approved by voters, it would replace current provisions in Sections 8B and 8C of Article X of the Oklahoma Constitution.