Bill > HJR1053

This resolution proposes an amendment to the Oklahoma Constitution that would establish new procedures for local governments, referred to as "taxing subdivisions," when they wish to increase property tax revenue beyond a "revenue neutral rate." A revenue neutral rate is defined as the tax rate that would generate the same amount of property tax revenue as the previous year, using the current year's property values. If a taxing subdivision wants to levy taxes at a rate higher than this revenue neutral rate, its governing body must first hold a public hearing after notifying taxpayers of the proposed increase, including details like the proposed tax rate and the revenue neutral rate. Taxpayers would be informed by mail or electronic means, and the county clerk would consolidate this information on a single notice. Following the public hearing, the governing body must vote to approve exceeding the revenue neutral rate. Failure to follow these procedures would require the taxing subdivision to refund any over-collected property taxes. This amendment aims to limit the growth of property tax revenues and ensure transparency and taxpayer involvement in decisions to increase them, though it exempts subdivisions with very low property tax revenue.

http://www.oklegislature.gov/BillInfo.aspx?Bill=hjr1053&Session=2600