For Immediate Release:
February 22, 2008
Sen. Jim Reynolds
Bill to Cap Property Tax Passes Appropriations
State Sen. Jim Reynolds’
bill to slow down property tax increases received the approval of
the Senate Appropriations Committee Wednesday. It next goes to the
Senate Joint Resolution 59 would send to a vote of the people Reynolds’
proposal to cap at 3% the amount that property value assessments
can grow each year. Reynolds said the current cap of 5% is too high.
“The number one complaint I hear from my constituents is
that their property taxes are growing too fast,” said Reynolds,
“Unfortunately, in many counties across the state, there
seems to be an automatic 5% increase each year, which is almost
double the average rate of inflation since the year 2000. My proposal
will give the people of Oklahoma the chance to put the breaks on
out of control property tax hikes,” he said.
Since 2000, the average U.S. inflation rate is 2.7%.
For more information contact:
Senator Reynold's Office: (405) 521-5522