Senate supports vote on lower cap for property tax valuations

The full Senate has given approval to a measure letting voters decide whether to cut the growth of annual property tax valuations. Senate Joint Resolution 5, by Sen. Jim Reynolds, R-Oklahoma City, would give voters the option of lowering the current property valuation cap from a maximum of five percent to three percent, or the rate of inflation, whichever is lower.

Throughout my service in the State Senate, this issue has consistently been the number-one concern for citizens in my district and throughout the state, Reynolds said. The five percent cap approved by voters in 1996 was supposed to keep annual property valuations under that cap, but many County Assessors have automatically raised those levels the maximum amount of five percent every year.

Reynolds explained that no school districts would lose funds as a result of passage of the measure, adding it would simply slow the rate of growth.

If approved by the citizens, SJR 5 would save taxpayers $11 million by 2014, Reynolds said. The Senate has approved this language in the past, but it previously stalled in the House. This year an identical measure is making its way through the House, so I believe the chances for actually getting this proposal on the ballot are the best theyve ever been. Thats good news for Oklahoma property owners.