State Question 847 would slow the annual increase in taxable property values.
Shawn Hime, executive director of the Oklahoma State School Boards Association, said the proposal would tighten the current cap for homeowners with a homestead exemption.
“Currently, if you have a home with a homestead exemption, it can only grow by 3%. So that is a way to keep the taxes from growing too much. This would actually change that and move that to 1.75% as the most it could grow in any one year,” Hime said.
The Oklahoma Tax Commission estimates the limits would reduce revenue by $45.8 million in the first year, growing to $457.8 million by year 10.
Education leaders urged voters to reject the measure, saying Oklahoma’s education funding is already lagging and that the proposal would significantly affect classroom funding.
On Tuesday, Oklahoma voters rejected State Question 847 with 54% of voters voting ‘no’ on the state question.
