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Oklahoma Limits on Value of Real Property, State Question 676 (1996)
The Oklahoma Limits on Value of Real Property Amendment, also known as State Question 676, was on the November 5, 1996 ballot in Oklahoma as a legislatively-referred constitutional amendment, where it was approved. The measure limited the fair cash value of real property to no more than five percent.
|Oklahoma State Question 676 (1996)|
Election results via: Oklahoma Secretary of State
Text of measure
The ballot summary appeared as:
|“||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.||”|
The full text of the measure can be read here.
- Oklahoma 1996 ballot measures
- 1996 ballot measures
- List of Oklahoma ballot measures
- History of Initiative & Referendum in Oklahoma
- Oklahoma Secretary of State, "State Questions," accessed November 21, 2014
- Oklahoma Secretary of State, "State Question 676," accessed November 21, 2014
- Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
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