Oklahoma HJR1053 proposes a constitutional amendment to limit property tax revenues for local taxing jurisdictions.
Oklahoma HJR1053 proposes an amendment to the Oklahoma Constitution to add a new Section 9E to Article X. This section would establish a revenue neutral ad valorem tax rate and require procedures for local taxing jurisdictions to follow if they wish to exceed this rate. The amendment includes provisions for calculating the revenue neutral rate, notifying taxpayers, and conducting public hearings. If a local taxing jurisdiction does not follow the required procedures, it must refund any over-collected property taxes to taxpayers.
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