H.J.Res.1044

Oklahoma HJR1044 proposes to amend the state constitution to limit the annual growth of fair cash value for locally assessed real property to 5%.

Oklahoma HJR1044 proposes a constitutional amendment to Section 8B of Article X of the Oklahoma Constitution, limiting the annual growth of fair cash value for locally assessed real property to 5% starting from January 1, 2027. This limit applies to all locally assessed real property, except for parcels that qualify for a homestead exemption or are classified as agricultural land. The amendment also mandates the Secretary of State to refer the proposed change to the people for approval or rejection.