Constitution; modifying timing of property tax asessment; limiting fair cash value.

This Senate Joint Resolution (SJR 17) proposes a constitutional amendment to change Oklahoma's property tax assessment rules. It would limit how often property values are reassessed (to once every four years instead of annually) and modify growth limits: property values would be capped at a 5% increase per four-year period (3% for homestead or agricultural land), rather than annually. If approved by voters, these changes would apply to real estate taxes on locally assessed property, affecting homeowners and landowners who pay ad valorem taxes. The amendment is being sent to voters for approval through a ballot measure.