Oklahoma has become the latest state to experience an effort to eradicate property taxes.
Oklahoma Voice reports paperwork was filed with the Oklahoma Secretary of State to launch an initiative petition that would let voters decide on the reduction and eventual elimination of some property taxes.
State Question 841 would not apply to bonded indebtedness incurred by schools, counties, municipalities or other political subdivisions prior to Dec. 31, 2026. The change would be effective Jan. 1, 2027, when an amount equal to about 33% of the full assessed value of the homestead would be exempt. For 2028, the amount would increase to nearly 67% before being completely erased in 2029.
According to the measure’s supporters, ad valorem revenue would be reduced by $400 million in 2027, $800 million in 2028 and $1.2 billion in 2029.
The proponents of the petition are former Rep. Mike Reynolds (R-Oklahoma City), Sen. Shane Jett (R-Shawnee), and Rep. Jay Steagall (R-Yukon). Reynolds said the onus on replacing property taxes with another revenue source would be up to the state legislature, adding they have three years to come up with a solution.
“The initiative petition does not have the intent of making it impossible for cities or counties to collect revenue necessary to run critical operations that they are responsible for,” added Steagall. “It just puts into perspective here that property taxes are going to be a revenue source that is off limits.”
The measure’s proponents are seeking to have it included on the November 2026 ballot.
