State Question 847Constitutional amendment · Put on the ballot by lawmakers
Lower property value growth caps
Explain it like I'm 5
Property taxes use a government estimate of what property is worth, and that estimate can rise each year. This measure makes the yearly increase smaller, like putting a lower speed limit on the increase, but it does not automatically lower today's bill.
Yes vote
Lowering annual assessed-value growth caps beginning in tax year 2027 and changing some senior protections to income-based caps.
No vote
Keeping the current assessment caps and current income-qualified senior freeze rules.
The question to ask yourself
Is slower growth in taxable values worth the possible pressure on schools, counties, and other local services?
The case for
- Slower assessed-value growth could make future increases more predictable for homeowners and farmers.
- The change could help people facing rapid increases in property values and other costs.
- Some seniors who do not qualify for the current freeze could receive capped growth instead.
Backed by: Oklahoma Farm Bureau, House Speaker Kyle Hilbert, Senate President Pro Tem Lonnie Paxton
The case against
- Lower growth in assessed values could reduce future funding growth for schools and local services.
- The measure does not lower tax rates or guarantee lower bills.
- New buyers could face higher assessments than longtime owners after property values reset at sale.
Opposed by: Oklahoma Policy Institute, Oklahoma City Mayor David Holt, Oklahoma State School Boards Association
- Money
- The ballot materials describe the fiscal impact as unknown, while the Oklahoma Tax Commission estimated $45.78 million less local revenue in the first year.
- Don't be misled
- Calling it an immediate property-tax cut is misleading because it limits assessed-value growth, not tax rates or current bills.