Weekly Real Estate News
Oklahoma voters will be weighing in on a new property tax relief measure that has been added to the November ballot.
Oklahoma Voice reports the ballot resolution would lower the maximum a property value can increase from 5% to 4% for commercial properties and from 3% to 1.75% for primary residences and agricultural land. The measure would also lower the senior property tax freeze from 3% to 1.75% and offer smaller caps for low-income seniors based on their county’s median income.
Republican leaders in the state legislature wanted the measure to be included on the Aug. 25 ballot instead of the Nov. 3 ballot, where it would be included among all of the statewide and local races. But that effort met opposition from Democrats and some Republicans for felt the measure was inadequate.
“We have a constituency who has worked hard, lived the American dream, and they’re wanting that Christmas bonus,” said Sen. Lisa Standridge (R-Norman). “They’re wanting some acknowledgement, and this bill just enrolls them in the Jelly of the Month Club.”
