Resolution 1001 proposes an amendment to Section 8C of Article X of the Oklahoma Constitution, which aims to modify the eligibility criteria for property tax limitations on homesteads owned by individuals aged sixty-five (65) or older. The amendment seeks to eliminate the existing income threshold requirement, allowing these individuals to benefit from a limitation on the fair cash value of their homestead, provided they have occupied the property for at least ten years. Additionally, the resolution stipulates that the fair cash value of the homestead must not exceed $500,000, and it allows for a temporary absence of up to 365 days within a ten-year period without disqualifying the owner from eligibility.

The resolution directs the Secretary of State to present this proposed amendment to the public for approval or rejection. The ballot title outlines the key aspects of the proposition, emphasizing the removal of the income limit while maintaining the age requirement and the occupancy condition. If approved, the amendment would ensure that the fair cash value of qualifying homesteads remains stable, thereby providing financial relief to senior homeowners in Oklahoma.