Resolution 1045 proposes an amendment to the Oklahoma Constitution that would add a new Section 8G to Article X, aimed at limiting the fair cash value of certain homestead properties for individuals who have owned and occupied their property for at least ten years and meet specific income requirements. Starting January 1, 2027, the fair cash value for these properties would not exceed the value assessed during the tenth year of ownership, provided the owner's gross household income remains below a threshold determined by the U.S. Department of Housing and Urban Development. If improvements are made to the property, those would be assessed separately, but the total fair cash value would still be capped as long as the owner continues to meet the criteria.

The resolution also includes a ballot title for voters to consider this proposed amendment, which emphasizes that the measure is designed to prevent increases in the value of homestead property for ad valorem taxation under the specified conditions. The ballot will ask voters whether they approve or reject this proposal, with the option to vote "Yes" or "No." Following the passage of the resolution, copies will be filed with the Secretary of State and the Attorney General to facilitate the voting process.