Section X-8C: Limit on fair cash value on homestead.

    Despite any provision to the contrary, beginning January 1, 1997,
the fair cash value, as determined by law, on each homestead of an
individual head of household whose gross household income from all
sources for the preceding calendar year did not exceed Twenty-five
Thousand Dollars ($25,000.00), and which individual head of household
is sixty-five (65) years of age or older, shall not exceed the fair
cash value placed upon the property during the first year in which
the individual head of household was sixty-five (65) years of age or
older and had gross household income from all sources of Twenty-five
Thousand Dollars ($25,000.00) or less.  Subject to the limitations of
this section, the fair cash value shall not exceed such amount as
long as the individual head of household who is sixty-five (65) years
of age or older owns and occupies the property and as long as the
gross household income from all sources does not exceed Twenty-five
Thousand Dollars ($25,000.00) in any calendar year.  If any
improvements are made to the property, the fair cash value of the
improvements shall be assessed in accordance with law by the county
assessor and added to the assessed value of the property.  Once the
fair cash value of the improvements has been added to the fair cash
value of the property, the total fair cash value shall not exceed the
revised valuation of the property so long as the individual head of
household who is sixty-five (65) years of age or older owns and
occupies the property and so long as the gross household income from
all sources does not exceed Twenty-five Thousand Dollars ($25,000.00)
in a calendar year.  For any individual head of household who is
sixty-five (65) years of age or older prior to January 1, 1997, and
has gross household income from all sources of Twenty-five Thousand
Dollars ($25,000.00) or less in calendar year 1996, the fair cash
value of the real property shall be the fair cash value placed upon
the property on January 1, 1997.  If the individual head of household
ceases to own and occupy the property or if the gross household
income from all sources exceeds Twenty-five Thousand Dollars
($25,000.00) in a calendar year, the fair cash value of the property
shall be determined as if the provisions of Section 8 of Article X of
the Constitution of the State of Oklahoma or any other provisions
relating to a limitation on the fair cash value of locally assessed
real property had been in effect during the time the property was
valued pursuant to the provisions of this section.