Senator Jim Reynolds (R-OKC), will sponsor legislation offering property tax relief to Oklahoma homeowners in the 2009 legislative session. 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.
Reynolds notes that numerous states across the nation have instituted safeguards against escalating property taxes, while in Oklahoma over the past two decades, property taxes have increased at a rate nearly twice the rate of inflation.
“At this rate, property taxes on young families, retirees, and all homeowners will double every fifteen years,” Reynolds added.
“With housing values flat or declining in many areas, it’s unconscionable that taxes continue to increase,” Reynolds said. “This tax relief will promote and encourage home ownership, bringing more families and retirees into our neighborhoods, and increasing the quality of life in Oklahoma,” he concluded.
If passed by the Senate and House, SJR 5 will go to a vote of the people for ratification.