Proposes constitutional amendment to set revenue neutral rate for ad valorem taxes.
Directs the Secretary of State to refer a proposed amendment to the Oklahoma Constitution to the people for approval or rejection. Requires county boards of equalization to calculate a revenue neutral rate for each taxing jurisdiction. Limits tax levies to the revenue neutral rate unless a resolution by the governing body of the taxing jurisdiction to levy a millage rate in excess of the revenue neutral rate is adopted. Requires certain notifications and refunds if the taxing jurisdiction fails to comply with provisions.
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