Bill > SJR39

This joint resolution directs the Secretary of State to present a proposed amendment to the Oklahoma Constitution to the voters for their approval or rejection. The amendment, concerning Section 8B of Article X, aims to reduce the annual limit on how much the "fair cash value" (the estimated market price of property) of locally assessed real property can increase. Specifically, for tax years 2013 through 2026, the general limit 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 one percent. These reduced limits would apply to tax years 2027 and beyond. However, these limitations would not apply in years when the property's title is transferred or when improvements are made to the property, as those instances would revert to assessment based on the full fair cash value. The resolution also includes the official "Ballot Title," which is the summary voters will see when they vote on the proposed amendment, and outlines the process for filing the resolution.

http://www.oklegislature.gov/BillInfo.aspx?Bill=sjr39&Session=2600