Excerpts from a presentation by Indivisible Oklahoma. Bold added by us.
SQ 847 · FISCAL IMPACT of decrease in allowed annual growth of property tax
- The Oklahoma Tax Commission estimates that the measure would reduce FY 2028 total revenues by $85.4 million.
- The Oklahoma Policy Institute has estimated the assessment cap reduction will cost communities across Oklahoma $42 million in year one, growing to
$575 million in year ten. - According to the ballot title, “..this measure would have a fiscal impact on the state, but the exact impact is unknown.”
SQ 847: arguments made in favor
Supporters say
- Provides homeowners and other property owners with more protection against rising taxable property values compared to the current cap.
- Allows a greater number of seniors to have some protection against rising taxable property values while preserving the largest protections for those with
lower incomes. - Prevents an small increase in the household income of senior property owners from totally removing the valuation cap.
- Restrains the growth of local government and spending.
SQ 847: arguments made against
Opponents say
- Limits the ability of communities to fund public schools, CareerTech, road and bridge maintenance, and essential services, because revenue growth will be below the rate of inflation.
- Likely to result in service cuts and/or higher local tax rates, including higher sales tax.
- Does not address the root causes of housing unaffordability or high homeowners’ insurance premiums.
SUGGEST A NO VOTE