Resolution 1044, introduced by Lepak, directs the Secretary of State to present a proposed amendment to Section 8B of Article X of the Oklahoma Constitution to the public for approval or rejection. The amendment aims to decrease the annual growth limit on the fair cash value of real property that qualifies for a homestead exemption or is classified as agricultural land from the current three percent (3%) to two percent (2%). This change would take effect on January 1, 2027, and would not apply in years when the property is transferred or improved, in which case the property would be assessed based on its fair cash value as defined in the Constitution.

The resolution also includes a ballot title for the proposed amendment, which summarizes the key points of the measure for voters. It states that the amendment seeks to lower the annual increase limit on the fair cash value of certain real properties for ad valorem tax purposes. Voters will have the option to approve or reject the proposal, with the ballot providing clear options for "FOR THE PROPOSAL" or "AGAINST THE PROPOSAL." Following the passage of the resolution, the Chief Clerk of the House of Representatives is tasked with filing copies of the resolution and ballot title with the Secretary of State and the Attorney General.