Oklahoma Limits on Value of Real Property, State Question 676 (1996)
The official ballot summary reads:
This measure amends Article 10 of the Oklahoma Constitution. It adds a new section 8B. This measure would limit the fair cash value of real property for property tax purposes. The fair cash value would not increase by more than 5% in any taxable year. This limit would only apply to real property which is assessed by a county assessor. If the property is transferred, changed, or conveyed, the limitation would not apply for that year. The limitation does not apply if improvements have been made to the property. If improvements have been made to the property, the increased value to the property will be assessed for that year. Any county which is not in compliance with laws or regulations governing valuation of property would not be allowed to apply the 5% limitation. This measure does not apply to personal property. This measure does not apply to property valued or assessed by the State Board of Equalization. The Legislature would be allowed to enact laws to implement this section. This measure would take effect on January 1, 1997.
This amendment passed with 808,429 voters supporting the initiative, and 290,433 voters in opposition.
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