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53	53	STATE OF OKLAHOMA
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55	55	1st Session of the 60th Legislature (2025)
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57	57	SENATE JOINT
58	58	RESOLUTION 17 By: Standridge
59	59
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63	63	AS INTRODUCED
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65	65	A Joint Resolution directing the Secretary of State
66	66	to refer to the people for their approval or
67	67	rejection a proposed amend ment to Sections 8 and 8B
68	68	of Article X of the Oklahoma Constitution; limiting
69	69	establishment of fair cash value for real property to
70	70	certain period; modifying limit on growth of fair
71	71	cash value; providing ballot title; and directing
72	72	filing.
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77	77	BE IT RESOLVED BY THE SENATE AND THE HOUSE OF REPRESENTATIVES OF THE
78	78	1ST SESSION OF THE 60TH OKLAHOMA LEGISLATURE:
79	79	SECTION 1. The Secretary of State shall refer to the people for
80	80	their approval or rejection, as and in the manner provided by la w,
81	81	the following proposed amendment to Section s 8 and 8B of Article X
82	82	of the Oklahoma Constitution to read as follows:
83	83	Section 8. A. Except as otherwise provided in Article X of
84	84	this Constitution, beginning January 1, 1997, all property which may
85	85	be taxed ad valorem shall be assessed for taxation as follows:
86	86	1. Tangible personal property sh all not be assessed for
87	87	taxation at less than ten percent (10%) nor more than fifteen
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139	139	percent (15%) of its fair cash value, estimated at the price it
140	140	would bring at a fair voluntary sale;
141	141	2. Real property shall not be assessed for ad valorem taxation
142	142	at a value less than eleven percent (11%) nor greater than thirteen
143	143	and one-half percent (13.5%) of its fair cash value , as provided for
144	144	in subsection D of this section, for the highest and best use for
145	145	which such property was actually used, or was previously classified
146	146	for use, during the calendar year next preceding the first day of
147	147	January on which the assessment is made. The transfer of property
148	148	without a change in its use classification shall not require a
149	149	reassessment based exclusively upon the sale value of such property.
150	150	In connection with the foregoing, the Legislature shall be empowered
151	151	to enact laws defining classifications of use for the purpose of
152	152	applying standards to facilitate uniform assessment procedures in
153	153	this state; and
154	154	3. All other property which is assessed by the State Board of
155	155	Equalization shall be assessed for ad valorem taxation at the
156	156	percentage of its fair cash value, estimated at the price it would
157	157	bring at a fair voluntary sale, at which it was assessed on January
158	158	1, 1996.
159	159	B. Beginning January 1, 1997, the percentage at which real or
160	160	tangible personal property is assessed within a county shall not be
161	161	increased except upon approval by a majori ty of the registered
162	162	voters of the county, voting at an election called for that purpose
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214	214	by a majority of the county commissioners, or upon a petition
215	215	initiated by not less than ten percent (10%) of the registered
216	216	voters of the county based on the total nu mber of votes cast at the
217	217	last general election for the county office receiving the highest
218	218	number of votes at the election. In no event shall the percentage
219	219	be increased by more than one percentage point per year or increase
220	220	in excess of the limitations set forth in paragraphs 1 and 2 of
221	221	subsection A of this section. The percentage at which real or
222	222	tangible personal property is assessed within a county may be
223	223	decreased, within the limitations set forth in paragraphs 1 and 2 of
224	224	subsection A of this sectio n, without approval of the voters of the
225	225	county.
226	226	C. Any officer or other person authorized to assess values or
227	227	subjects for taxation, who shall commit any wilful error in the
228	228	performance of the duties of the office, shall be deemed guilty of
229	229	malfeasance, and upon conviction thereof shall forfeit the office
230	230	and be otherwise punished as may be provided by law.
231	231	D. Beginning tax year 2026, the fair cash value of real
232	232	property shall be established once every four (4) years. All real
233	233	property shall be assessed for taxation based on the fair cash value
234	234	established at the beginning of each four -year period.
235	235	Section 8B. Despite any provision to the contrary, on and after
236	236	January 1, 2013 for tax years 2013 through 2025 , the fair cash value
237	237	of any parcel of locally assessed real property shall not increase
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289	289	by more than five percent (5%) in any taxable year; provided, if
290	290	such property qualified for a homestead exemption or is classified
291	291	as agricultural land, any increase to the fair cash value of such
292	292	locally assessed real property in a taxable year shall be limited to
293	293	three percent (3%). For tax year 2026 and subsequent tax years, the
294	294	fair cash value of any parcel of locally assessed real property
295	295	shall not increase by more than five percent (5%) and three percent
296	296	(3%) for property qualified as a homestead exemption or classified
297	297	as agricultural land in any four-year period between the
298	298	establishment of fair cash value, as provided in subsection D of
299	299	Section 8 of this article. The provisions of this section shall not
300	300	apply in any year when title to the property is transferred,
301	301	changed, or conveyed to another person or when improvements have
302	302	been made to the property. If title to the property is transferred,
303	303	changed, or conveyed to another person, the property shall b e
304	304	assessed for that year based on the fair cash value as set forth in
305	305	Section 8 of Article X of this Constitution. If any improvements
306	306	are made to the property, the increased value to the property as a
307	307	result of the improvement shall be assessed for that year based on
308	308	the fair cash value as set forth in Section 8 of Article X of this
309	309	Constitution. The provisions of this section shall not apply to any
310	310	personal property which may be taxed ad valorem or any property
311	311	which may be valued or assessed by the Sta te Board of Equalization.
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363	363	The Legislature shall enact any laws necessary to implement the
364	364	provisions of this section.
365	365	SECTION 2. The Ballot Title for the proposed Constitutional
366	366	amendment as set forth in SECTION 1 of this resolution shall be in
367	367	the following form:
368	368	BALLOT TITLE
369	369	Legislative Referendum No. ____ State Question No. ____
370	370	THE GIST OF THE PROPOSITION IS AS FOLLOWS:
371	371	The measure amends Sections 8 and 8B of Article 10 of the
372	372	Oklahoma Constitution to limit the establishment of fair cas h
373	373	value for the assessment of ad valorem taxation to once every
374	374	four (4) years. The meas ure also modifies the limitation on the
375	375	growth of fair cash value to five percent (5%) for real property
376	376	and three percent (3%) for real property qualifying for
377	377	homestead exemption and real property classified as agricultural
378	378	land in any four-year period. Currently , the growth is limited
379	379	to five percent (5%) and three percent (3%), respectively, for
380	380	each year.
381	381	SHALL THE PROPOSAL BE APPROVED?
382	382	FOR THE PROPOSAL — YES _____________
383	383	AGAINST THE PROPOSAL — NO _____________
384	384	SECTION 3. The President Pro Tempore of the Senate shall,
385	385	immediately after the passage of this resolution, prepare and file
386	386	one copy thereof, including the Ballot Title set forth in SECTI ON 2
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438	438	hereof, with the Secretary of State and one copy with the Attorney
439	439	General.
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441	441	60-1-721 QD 1/16/2025 3:48:28 PM

Oklahoma 2025 Regular Session

Oklahoma Senate Bill SJR17 Compare Versions