Bill > SJR28

This joint resolution directs the Secretary of State to put a proposed amendment to the Oklahoma Constitution before the voters for their approval or rejection, which would establish a "revenue neutral rate" for ad valorem property taxes. This revenue neutral rate is defined as the tax rate that would generate the same amount of revenue as the previous year, based on the current year's property valuations. The resolution requires county boards of equalization to calculate this rate annually and for county assessors to include it on tax rolls. Importantly, no taxing jurisdiction, such as a city or school district, can levy a tax rate higher than the revenue neutral rate unless its governing body first adopts a resolution or ordinance to do so, following a specific procedure that includes public notification to taxpayers, a public hearing, and a majority vote of the governing body. If a taxing jurisdiction fails to follow these procedures, it must refund any taxes collected above the revenue neutral rate. The resolution also mandates that county assessors provide taxpayers with detailed statements about current and proposed tax rates, including the revenue neutral rate, projected spending for any proposed increases, and information about public hearings and how governing body members voted on rate changes. The Legislature is also required to enact laws to implement these provisions, and the amendment would become effective on January 1, 2028.

http://www.oklegislature.gov/BillInfo.aspx?Bill=sjr28&Session=2600