Oklahoma Constitution; ad valorem; limitation of growth on fair cash value; ballot title; filing.

This bill proposes a constitutional amendment (HJR 1044) that would reduce the annual limit on property tax value increases for certain Oklahoma properties. Specifically, it would lower the cap from 3% to 2% for homestead properties and agricultural land, meaning their assessed value could rise by no more than 2% per year for tax purposes. The change would apply to most locally assessed real property but excludes properties with title transfers, new improvements, or personal property. If approved by voters, this amendment would require the Legislature to enact implementing laws. It is a voter-approved constitutional change, not a regular law.