Oklahoma City, Oklahoma 73105
For Immediate Release: March 4, 2009
Sen. Jim Reynolds
Senate Supports Property Tax Cap Vote
The State Senate has approved a measure to cut the
growth of annual property tax increases. Senate Joint Resolution
5, by Sen. Jim
Reynolds, was passed on Wednesday. The legislation would let
Oklahomans vote to lower the current property tax cap of five
percent to three percent.
“Thousands of Oklahoma citizens are begging for relief,”
said Reynolds, R-Oklahoma City. “This tax is especially
difficult for many low-income and elderly people on fixed incomes.”
In 1996, Oklahoma voters approved a five percent cap on property
value assessments. While the intention was to keep annual property
tax increases under that cap, County Assessors have instead raised
property taxes the maximum five percent each year.
“It’s gotten out of control. Since the mid-eighties,
the average U.S. inflation rate has been 2.7 percent, but with
the current five percent cap, people in many counties have seen
their property taxes go up each year at nearly twice the rate
of inflation, even when values have remained flat or even dropped,”
Senate President Pro Tempore praised Reynolds and members of the
Senate who supported SJR 5.
“If nothing is done, property taxes will continue to double
about every 14 years,” Coffee said. “Sixteen other
states have stronger safeguards for homeowners than Oklahoma.
We need to act this year to give our citizens some relief.”
Reynolds added SJR 5 would not take away any money from schools
or other county services.
“This simply limits the amount County Assessors can increase
property taxes,” Reynolds said. “If approved by the
people, this will promote and encourage home ownership and increase
the quality of life in Oklahoma.”
The measure now moves to the House of Representatives.
For more information contact:
Sen. Reynold's Office: 405-521-5522