Oklahoma SJR28 proposes a constitutional amendment to set a revenue neutral rate for ad valorem taxes and adjust millage rates.
Oklahoma SJR28 proposes a constitutional amendment to establish a revenue neutral rate for ad valorem taxes. This rate would be the tax rate for the current tax year that generates the same revenue as the previous tax year. The amendment requires county boards of equalization to calculate this rate annually. Taxing jurisdictions cannot levy a millage rate exceeding the revenue neutral rate without a resolution approved by the governing body and public notice. If a jurisdiction fails to comply, it must refund excess collections to taxpayers.
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