State Sen. 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.
“Unfortunately, in many counties across the state, there seems to be an automatic 5% increase each year, which is almost double the average rate of inflation since the year 2000. My proposal will give the people of Oklahoma the chance to put the breaks on out of control property tax hikes,” he said.
Since 2000, the average U.S. inflation rate is 2.7%.