Rep. Ryan Eaves

Maddy summaryThis bill proposes a constitutional amendment to limit property tax increases for Oklahoma seniors. It would freeze the fair cash value (used for property tax calculations) of homesteads for homeowners aged 65+ who owned their homes for at least 10 years, regardless of income. The freeze applies only to properties valued at $500,000 or less and continues as long as the owner lives there and meets the income threshold (which the bill eliminates). The measure requires the homeowner to have turned 65 while living in the property and allows up to 365 days away during any 10-year period.