Constitutional amendment; transferring ad valorem provisions to statute; expanding exemption and modifying cap on fair cash value; authorization to levy consumption tax.

SJR 23 proposes moving Oklahoma's property tax rules from the state constitution to statutes while introducing alternatives for local taxation. It would fully exempt the primary residence value of Oklahomans aged 65+ from property taxes, allow temporary freezes on property values for other residents, and authorize counties to replace property taxes with voter-approved consumption taxes (like a sales tax) for local funding. The bill modifies how homestead property values are calculated and sets new caps on value increases for qualifying homes. This would directly affect homeowners (especially seniors), counties (which could propose new tax structures), and voters (who must approve tax changes).