Senate Bill 1114 could freeze taxes for senior citizens; Here's what to know

Legislation is moving through the State Capitol to give some security and sustainability to senior citizens on a fixed income. 

“Creating what is a bedrock in the American dream, creating some certainty when they retire to know that with everything else that's rising, their property tax or ad valorem won't be one of those things that are rising,” said Senator Tom Woods, the author of the bill.

1. Senate Bill 1114 submits to a vote of the people, a constitutional amendment that provides a property tax credit on the homestead of an individual head of household who is at least 65 years of age and qualifies for the limitation on the growth of fair cash value.
2. Lawmakers estimate that around 100,000 Oklahomans could qualify for the tax break.
3. There is no estimated fiscal impact at this point.
4. The legislation passed with bipartisan support out of the State Senate and now moves to the House. If the bill is signed into law, it would move to a vote of the people on the November 2026 ballot.