STATE OF OKLAHOMA

1st Session of the 53rd Legislature (2011)

HOUSE JOINT
RESOLUTION 1025	By:	Stiles

AS INTRODUCED

A Joint Resolution directing the Secretary of State to refer to the people for their approval or rejection a proposed amendment to Section 8B of Article X of the Constitution of the State of Oklahoma; modifying provisions related to valuation increases for purposes of ad valorem taxation; providing for modified percentage of maximum increase; providing for comparison of percentage amount to increase in Consumer Price Index for All Urban Consumers; providing valuation increases limited to lesser of compared percentages; providing ballot title; and directing filing.

BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES AND THE SENATE OF THE 1ST SESSION OF THE 53RD OKLAHOMA LEGISLATURE:
SECTION 1.  The Secretary of State shall refer to the people for their approval or rejection, as and in the manner provided by law, the following proposed amendment to Section 8B of Article X of the Constitution of the State of Oklahoma to read as follows:
Section 8B.  A.  Despite any provision to the contrary, the fair cash value of any parcel of locally assessed real property shall not increase by more than ~~five percent (5%)~~ three percent (3%) or the amount of increase, if any, in the most recent Consumer Price Index for All Urban Consumers (CPI-U), whichever percentage is less, in any taxable year.  The provisions of this section shall not apply in any year when title to the property is transferred, changed, or conveyed to another person or when improvements have been made to the property.  If title to the property is transferred, changed, or conveyed to another person, the property shall be assessed for that year based on the fair cash value as set forth in Section 8 of Article X of this Constitution.  If any improvements are made to the property, the increased value to the property as a result of the improvement shall be assessed for that year based on the fair cash value as set forth in Section 8 of Article X of this Constitution.  The provisions of this section shall be effective January 1, 1997, and thereafter for counties which are in compliance with the applicable law or administrative regulations governing valuation of locally assessed real property as of such date.  For counties which are not in compliance with such law or regulations as of January 1, 1997, the provisions of this section shall be effective January 1 of the year following the date the county is deemed to be in compliance with such laws or regulations as provided by law.  The provisions of this section shall not apply to any personal property which may be taxed ad valorem or any property which may be valued or assessed by the State Board of Equalization.
B.  The Legislature shall enact any laws necessary to implement the provisions of this section.
SECTION 2.  The Ballot Title for the proposed Constitutional amendment as set forth in SECTION 1 of this resolution shall be in the following form:
BALLOT TITLE
Legislative Referendum No. ____	State Question No. ____
THE GIST OF THE PROPOSITION IS AS FOLLOWS:
This measure amends the Oklahoma Constitution.  It amends Section 8B of Article 10.  This section prevents the fair market value of certain kinds of property from increasing.  It applies to real property valued by the county assessor.  Fair market value is also known as fair cash value.  The fair market value cannot increase more than five percent (5%) each year.  This measure would change the limit to the lesser of three percent (3%) or the increase in an economic index.  This index is known as the Consumer Price Index.  This index measures the rate of inflation.  The limit would be either three percent (3%) or the percentage increase in inflation whichever percentage is less.
SHALL THE PROPOSAL BE APPROVED?
FOR THE PROPOSAL — YES	_____________
AGAINST THE PROPOSAL — NO 	_____________
SECTION 3.  The Chief Clerk of the House of Representatives, immediately after the passage of this resolution, shall prepare and file one copy thereof, including the Ballot Title set forth in SECTION 2 hereof, with the Secretary of State and one copy with the Attorney General.

53-1-5903	MAH	01/17/11