Constitutional amendment; modifying timing of property tax assessment; limiting fair cash value.

This Oklahoma constitutional amendment (SJR 17) proposes changing how property values are assessed for tax purposes. It would require local governments to establish real property values only once every four years (starting in 2026), replacing the current annual assessment. The bill also limits annual increases in property value to 5% (3% for homestead or agricultural land), applying this cap over the four-year assessment period instead of annually. This directly affects all Oklahoma property owners subject to local ad valorem taxes, with specific exceptions for property transfers or improvements.