Jim Reynolds Offers Property Tax Measure

Senator Jim Reynolds, Oklahoma City Republican, said today he'll sponsor legislation in this session offering property tax relief to homeowners.

Reynolds’ bill will cap the annual increase in property taxes at 2.5% or the rate of inflation, whichever is less, effective January, 2010.

“I’ve talked to too many homeowners in my district and around the state who are feeling pinched every year when they get their property tax assessment,” said Reynolds. “Due to a flaw in current law, County Assessors are raising property taxes the maximum allowable 5% every year, even when real property values may be remaining flat or even dropping.

SJR 5 is similar to a bill Reynolds offered in previous years, cutting the growth of property taxes for all homeowners, including newlyweds, baby boomers and seniors.

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Property Tax Slow-down Bill Wins Approval

Senator Jim Reynolds’ bill to slow down property tax increases received the approval of the Senate Appropriations Committee Wednesday. It next goes to the full Senate.

Senate Joint Resolution 59 would send to a vote of the people Reynolds’ proposal to cap at 3% the amount that property value assessments can grow each year. Reynolds said the current cap of 5% is too high.

“The number one complaint I hear from my constituents is that their property taxes are growing too fast,” said Reynolds, R-Oklahoma City.

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Dank Proposes Property Tax Cap

State Rep. David Dank (R-Oklahoma City) has introduced legislation to cap annual increases in household property taxes and freeze ad valorem taxes for the elderly.

"If we don't act soon, the people of Oklahoma are going to organize a property tax revolt like California did some years ago and dramatically constrain government's right to tax," Dank said. "I cannot blame them."

Companion measures introduced by Dank would call for a vote of the people to reduce the current cap on annual property tax increases from 5 to 1 percent and freeze property taxes for Oklahomans over 65 for as long as they own their homes.

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