Bill > SJR30

This joint resolution directs the Oklahoma Secretary of State to present a proposed amendment to the state Constitution to voters for their approval or rejection. The amendment, concerning Section 8B of Article X, aims to lower the maximum annual increase allowed for the "fair cash value" (the estimated market value) of locally assessed real property. Specifically, for tax years 2013 through 2026, the general limit on property value growth would be reduced from five percent to three percent, and for properties with a homestead exemption or classified as agricultural land, the limit would be reduced from three percent to two percent. For tax years 2027 and beyond, these limits would be further reduced to three percent and two percent respectively for general properties, and two percent and one percent for homestead or agricultural properties. However, these limitations would not apply in years when the property's title is transferred or when improvements are made to the property, in which case the property would be assessed at its full fair cash value. The resolution also includes the official "Ballot Title," which is a summary of the proposed amendment that voters will see when they vote.

http://www.oklegislature.gov/BillInfo.aspx?Bill=sjr30&Session=2600