Resolution 1001 proposes an amendment to Section 8C of Article X of the Oklahoma Constitution, which aims to modify the eligibility criteria for limiting increases in the fair cash value of homesteads for individuals aged sixty-five (65) or older. The amendment seeks to eliminate the existing income threshold requirement, allowing eligible individuals to benefit from the fair cash value limitation as long as they have occupied the property for at least ten years. Additionally, it stipulates that individuals can be absent from the homestead for up to 365 days within a ten-year period without losing eligibility. The fair cash value limitation will apply only to homesteads valued at $500,000 or less, and the valuation will be determined in accordance with existing property tax laws.

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. Voters will be asked whether they support the proposed changes, which aim to provide greater financial stability for senior homeowners by limiting property tax increases based on fair cash value.