Bill > HJR1053

This joint resolution proposes an amendment to the Oklahoma Constitution that would establish procedures for local government entities, known as "taxing subdivisions," that levy property taxes. The core of the amendment is the concept of a "revenue neutral rate," which is the tax rate that would generate the same amount of property tax revenue as the previous year, based on the current year's total assessed property value. If a taxing subdivision wishes to levy a tax rate higher than this revenue neutral rate, it must follow specific steps: publish notice of its intent, hold a public hearing where taxpayers can speak, and then vote to approve the higher rate. Taxpayers would receive detailed notices about the proposed tax rate, including comparisons to the previous year and estimates of their own tax burden. If a taxing subdivision fails to follow these procedures, it would be required to refund any over-collected property taxes. This resolution also outlines the ballot title that will be presented to voters for approval or rejection of this constitutional amendment.