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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
SENATE JOINT
RESOLUTION 17 By: Standridge
AS INTRODUCED
A Joint Resolution directing the Secretary of State
to refer to the people for their approval or
rejection a proposed amend ment to Sections 8 and 8B
of Article X of the Oklahoma Constitution; limiting
establishment of fair cash value for real property to
certain period; modifying limit on growth of fair
cash value; providing ballot title; and directing
filing.
BE IT RESOLVED BY THE SENATE AND THE HOUSE OF REPRESENTATIVES OF THE
1ST SESSION OF THE 60TH OKLAHOMA LEGISLATURE:
SECTION 1. The Secretary of State shall refer to the people for
their approval or rejection, as and in the manner provided by la w,
the following proposed amendment to Section s 8 and 8B of Article X
of the Oklahoma Constitution to read as follows:
Section 8. A. Except as otherwise provided in Article X of
this Constitution, beginning January 1, 1997, all property which may
be taxed ad valorem shall be assessed for taxation as follows:
1. Tangible personal property sh all not be assessed for
taxation at less than ten percent (10%) nor more than fifteen
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percent (15%) of its fair cash value, estimated at the price it
would bring at a fair voluntary sale;
2. Real property shall not be assessed for ad valorem taxation
at a value less than eleven percent (11%) nor greater than thirteen
and one-half percent (13.5%) of its fair cash value , as provided for
in subsection D of this section, for the highest and best use for
which such property was actually used, or was previously classified
for use, during the calendar year next preceding the first day of
January on which the assessment is made. The transfer of property
without a change in its use classification shall not require a
reassessment based exclusively upon the sale value of such property.
In connection with the foregoing, the Legislature shall be empowered
to enact laws defining classifications of use for the purpose of
applying standards to facilitate uniform assessment procedures in
this state; and
3. All other property which is assessed by the State Board of
Equalization shall be assessed for ad valorem taxation at the
percentage of its fair cash value, estimated at the price it would
bring at a fair voluntary sale, at which it was assessed on January
1, 1996.
B. Beginning January 1, 1997, the percentage at which real or
tangible personal property is assessed within a county shall not be
increased except upon approval by a majori ty of the registered
voters of the county, voting at an election called for that purpose
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by a majority of the county commissioners, or upon a petition
initiated by not less than ten percent (10%) of the registered
voters of the county based on the total nu mber of votes cast at the
last general election for the county office receiving the highest
number of votes at the election. In no event shall the percentage
be increased by more than one percentage point per year or increase
in excess of the limitations set forth in paragraphs 1 and 2 of
subsection A of this section. The percentage at which real or
tangible personal property is assessed within a county may be
decreased, within the limitations set forth in paragraphs 1 and 2 of
subsection A of this sectio n, without approval of the voters of the
county.
C. Any officer or other person authorized to assess values or
subjects for taxation, who shall commit any wilful error in the
performance of the duties of the office, shall be deemed guilty of
malfeasance, and upon conviction thereof shall forfeit the office
and be otherwise punished as may be provided by law.
D. Beginning tax year 2026, the fair cash value of real
property shall be established once every four (4) years. All real
property shall be assessed for taxation based on the fair cash value
established at the beginning of each four -year period.
Section 8B. Despite any provision to the contrary, on and after
January 1, 2013 for tax years 2013 through 2025 , the fair cash value
of any parcel of locally assessed real property shall not increase
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by more than five percent (5%) in any taxable year; provided, if
such property qualified for a homestead exemption or is classified
as agricultural land, any increase to the fair cash value of such
locally assessed real property in a taxable year shall be limited to
three percent (3%). For tax year 2026 and subsequent tax years, the
fair cash value of any parcel of locally assessed real property
shall not increase by more than five percent (5%) and three percent
(3%) for property qualified as a homestead exemption or classified
as agricultural land in any four-year period between the
establishment of fair cash value, as provided in subsection D of
Section 8 of this article. The provisions of this section shall not
apply in any year when title to the property is transferred,
changed, or conveyed to another person or when improvements have
been made to the property. If title to the property is transferred,
changed, or conveyed to another person, the property shall b e
assessed for that year based on the fair cash value as set forth in
Section 8 of Article X of this Constitution. If any improvements
are made to the property, the increased value to the property as a
result of the improvement shall be assessed for that year based on
the fair cash value as set forth in Section 8 of Article X of this
Constitution. The provisions of this section shall not apply to any
personal property which may be taxed ad valorem or any property
which may be valued or assessed by the Sta te Board of Equalization.
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The Legislature shall enact any laws necessary to implement the
provisions of this section.
SECTION 2. The Ballot Title for the proposed Constitutional
amendment as set forth in SECTION 1 of this resolution shall be in
the following form:
BALLOT TITLE
Legislative Referendum No. ____ State Question No. ____
THE GIST OF THE PROPOSITION IS AS FOLLOWS:
The measure amends Sections 8 and 8B of Article 10 of the
Oklahoma Constitution to limit the establishment of fair cas h
value for the assessment of ad valorem taxation to once every
four (4) years. The meas ure also modifies the limitation on the
growth of fair cash value to five percent (5%) for real property
and three percent (3%) for real property qualifying for
homestead exemption and real property classified as agricultural
land in any four-year period. Currently , the growth is limited
to five percent (5%) and three percent (3%), respectively, for
each year.
SHALL THE PROPOSAL BE APPROVED?
FOR THE PROPOSAL — YES _____________
AGAINST THE PROPOSAL — NO _____________
SECTION 3. The President Pro Tempore of the Senate shall,
immediately after the passage of this resolution, prepare and file
one copy thereof, including the Ballot Title set forth in SECTI ON 2
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hereof, with the Secretary of State and one copy with the Attorney
General.
60-1-721 QD 1/16/2025 3:48:28 PM