Constitutional amendment; revenue neutral rate for ad valorem; millage adjustment.

This constitutional amendment (SJR 28) requires Oklahoma counties to calculate a "revenue neutral rate" each year - defined as the tax rate needed to generate the same revenue as the previous year based on current property valuations. Taxing jurisdictions (like cities or school districts) can only exceed this rate after holding a public hearing, providing detailed notices to taxpayers (including the proposed rate, budget needs, and previous rates), and obtaining a majority vote from their governing body. If jurisdictions fail to follow these steps, they must refund excess taxes collected. The bill also mandates that county assessors send taxpayers annual notices showing the revenue neutral rate, proposed changes, and how officials voted on tax rates. It takes effect January 1, 2028.