Property Tax Cap Bill Passes Senate

The State Senate today approved a bill its sponsor says could help slow property tax hikes.

Senate Joint Resolution 59, by Senator Jim Reynolds, R-Oklahoma City, would let Oklahoma voters decide whether to lower the current property tax cap of five percent to three percent.

“This legislation came straight from my constituents who are begging for relief from increases in property taxes,” said Reynolds. “This is an especially burdensome tax for many low-income and older people in my district and throughout Oklahoma.”

Reynolds said the five percent cap on property value assessments was supposed to limit yearly increases, but it has not worked in the way property owners thought it would.

The bill now goes to the House.

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