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Measure Details

Amends Section 8B, Article 10 of State Constitution - Ad Valorem Taxation Limitation on Valuation Increases

Oklahoma Ballot Measure - State Question No. 758

Election: Nov. 6, 2012 (General)
Outcome: Passed

Categories:
Budget, Spending and Taxes
Government Operations
Housing and Property

Yes
858,081
(67.72%)

No
409,041
(32.28%)

Measure Text

The measure deals with real property taxes also called ad valorem taxes. These taxes are based on several factors. One factor is the fair cash value of the property.

The measure changes the limits on increases in fair cash value. Now, increases are limited to 5% of fair cash value in any taxable year.

The measure changes the cap on increases to 3% for some property. The 3% cap would apply to homestead exempted property. The cap would also apply to agricultural land.

The measure also removes obsolete language.

SHALL THE PROPOSAL BE APPROVED?

FOR THE PROPOSAL
Yes: __________

AGAINST THE PROPOSAL
No: __________

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