Bill No. 1114 proposes an amendment to Section 8C of Article X of the Oklahoma Constitution, which aims to provide a property tax credit for individuals aged sixty-five and older who qualify for a limitation on the growth of their homestead's fair cash value. The bill stipulates that starting from tax year 2026, eligible property owners will receive a credit equal to the difference between their current ad valorem tax liability and the liability from the year they first qualified for the limitation. The credit must be claimed by October 1 of each tax year and cannot reduce the property tax liability below zero.

Additionally, the bill updates references within the existing law, replacing "Article X" with "this article" and "State of Oklahoma" with "Oklahoma." It also clarifies that the income threshold for eligibility will be determined by the U.S. Department of Housing and Urban Development's estimated median income for the relevant area. The proposed amendment will be presented to the public for approval or rejection, ensuring that property tax liabilities for qualifying seniors do not increase as long as they meet the necessary criteria.