ENGROSSED SENATE
JOINT
RESOLUTION NO. 5	By:	Reynolds of the Senate

			and

		Dank of the House

[ Joint Resolution – fair cash value – ballot title –		filing ]

BE IT RESOLVED BY THE SENATE AND THE HOUSE OF REPRESENTATIVES OF THE 1ST SESSION OF THE 52ND 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 Oklahoma Constitution to read as follows:
Section 8B.  Despite any provision to the contrary, on and after January 1, 2010, any increase to the fair cash value of any parcel of locally assessed real property other than a homestead property shall not increase by more than five percent (5%) in any taxable year.  The fair cash value of any parcel of locally assessed real property which is a homestead shall not increase by more than three percent (3%) 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.
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 State Constitution.  It amends Section 8B of Article 10.  This measure affects the way changes are made to the taxable market value of real property which is a homestead.  It limits increases in any one year in the taxable market value of homestead property to no more than three percent.  It also removes obsolete language from the law.
SHALL THE PROPOSAL BE APPROVED?
FOR THE PROPOSAL — YES	_____________
AGAINST THE PROPOSAL — NO 	_____________
SECTION 3.  The President Pro Tempore of the Senate shall, immediately after the passage of this resolution, 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.
Passed the Senate the 4th day of March, 2009.

	
Presiding Officer 	of the Senate

Passed the House of Representatives the ____ day of __________, 2009.

	
Presiding Officer	of the House
	of Representatives