President Pro Tempore
Senator Glenn Coffee, R-Oklahoma City
State Capitol Room 422
Oklahoma City, Oklahoma 73105
For Immediate Release: January 22, 2009
Sen. Jim Reynolds
Senator Reynolds Offering Property Tax
Reynolds (R-OKC), will sponsor legislation offering property
tax relief to Oklahoma homeowners in the 2009 legislative session.
Reynolds’ bill will cap the annual increase in property
taxes at 2.5% or the rate of inflation, whichever is less, effective
“I’ve talked to too many homeowners
in my district and around the state who are feeling pinched every
year when they get their property tax assessment,” said
Reynolds. “Due to a flaw in current law, County Assessors
are raising property taxes the maximum allowable 5% every year,
even when real property values may be remaining flat or even dropping.
SJR 5 is similar to a bill Reynolds offered in previous
years, cutting the growth of property taxes for all homeowners,
including newlyweds, baby boomers and seniors.
Reynolds notes that numerous states across the nation
have instituted safeguards against escalating property taxes,
while in Oklahoma over the past two decades, property taxes have
increased at a rate nearly twice the rate of inflation.
“At this rate, property taxes on young families,
retirees, and all homeowners will double every fifteen years,”
“With housing values flat or declining in
many areas, it’s unconscionable that taxes continue to increase,”
Reynolds said. “This tax relief will promote and encourage
home ownership, bringing more families and retirees into our neighborhoods,
and increasing the quality of life in Oklahoma,” he concluded.
If passed by the Senate and House, SJR 5 will go
to a vote of the people for ratification.