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 cannot exceed $500,000 and defines how this value will be assessed in accordance with existing laws.

The resolution directs the Secretary of State to present this proposed amendment to the public for approval or rejection through a ballot. The ballot title outlines the key aspects of the proposition, including the removal of the income limit while maintaining the age requirement and the occupancy condition. It also clarifies that individuals can be absent from their homestead for up to 365 days within a ten-year period without losing eligibility. The resolution emphasizes that the proposed changes are intended to provide financial relief to senior homeowners by stabilizing their property tax assessments.