Oklahoma Constitution; ad valorem taxation; exemptions; super majority; Legislature; ballot title; filing.
Impact
Should this amendment be approved, HJR1015 would significantly alter the current restrictions set by the Oklahoma Constitution regarding property tax exemptions. As it stands, the constitution generally prohibits the legislature from exempting properties from taxation unless explicitly allowed by the constitution or under specific conditions. By allowing tax exemptions through statutory enactment with a supermajority, HJR1015 increases legislative power and flexibility in fiscal policy.
Summary
HJR1015 is a Joint Resolution aimed at amending Section 50 of Article V of the Oklahoma Constitution. This amendment seeks to enable the state legislature to authorize ad valorem tax exemptions by statute, provided such legislation is approved by a two-thirds supermajority in both chambers of the state legislature. The resolution will ask the electorate for their approval or rejection through a ballot measure if it passes the legislative process.
Contention
The bill is poised to ignite debate among lawmakers and constituents, particularly regarding the balance of power between local and state governance. Proponents of HJR1015 argue that it can offer necessary flexibility to the legislature in addressing economic needs and incentives within Oklahoma. However, opponents may raise concerns about the potential for misuse of such exemptions, leading to a decrease in overall tax revenue and creating disparities in how property taxes are assessed across different regions, depending on political dynamics.