Senate Joint Resolution 19

STATE OF OKLAHOMA

1st Session of the 50th Legislature (2005)

SENATE JOINT

RESOLUTION 19 By: Branan

AS INTRODUCED

A Joint Resolution directing the Secretary of State to refer to the people for their approval or rejection a proposed amendment to Section 8B of Article X of the Oklahoma Constitution; limiting increases in fair cash value of certain property after specified date and under specified circumstances; deleting obsolete language; defining term; providing ballot title; and directing filing.

BE IT RESOLVED BY THE SENATE AND THE HOUSE OF REPRESENTATIVES OF THE 1ST SESSION OF THE 50TH OKLAHOMA LEGISLATURE:

SECTION 3. The Secretary of State shall refer to the people for their approval or rejection, as and in the manner provided by law, the following proposed amendment to Section 8B of Article X of the Constitution of the State of Oklahoma to read as follows:

Section 8B. Despite any provision to the contrary, on and after January 1, 2007, the fair cash value of any parcel of locally assessed real property shall not increase by more than five percent (5%) two and one-half percent (2 1/2%) in any taxable year. The provisions of this section shall not apply in any year when title to the property is transferred, changed, or conveyed to another person outside the family or when improvements have been made to the property. If title to the property is transferred, changed, or conveyed to another person outside the family, the property shall be assessed for that year based on the fair cash value as set forth in Section 8 of Article X of this Constitution. If any improvements are made to the property, the increased value to the property as a result of the improvement shall be assessed for that year based on the fair cash value as set forth in Section 8 of Article X of this Constitution. The provisions of this section shall be effective January 1, 1997, and thereafter for counties which are in compliance with the applicable law or administrative regulations governing valuation of locally assessed real property as of such date. For counties which are not in compliance with such law or regulations as of January 1, 1997, the provisions of this section shall be effective January 1 of the year following the date the county is deemed to be in compliance with such laws or regulations as provided by law For purposes of this section, “family” shall mean a father, mother, child, child of husband or wife, adopted child or any lineal descendant. The provisions of this section shall not apply to any personal property which may be taxed ad valorem or any property which may be valued or assessed by the State Board of Equalization.

The Legislature shall enact any laws necessary to implement the provisions of this section.

SECTION 3. The Ballot Title for the proposed Constitutional amendment as set forth in SECTION 1 of this resolution shall be in the following form:

BALLOT TITLE

Legislative Referendum No. ____ State Question No. ____

THE GIST OF THE PROPOSITION IS AS FOLLOWS:

This measure amends the Oklahoma Constitution. It amends Section 8B of Article 10. This measure affects the way changes to the fair cash value of some real property are made for tax purposes. It prevents the value from changing by more than two and one-half percent in any one year. It changes one exception to the law. The exception is for transfers to another person. Such transfers allow the value to change over the percentage limit. The measure would change the exception to make it apply only to transfers to someone outside the family. It would define family for this measure. Family would mean a father, mother, child, child of a husband or wife, adopted child or certain descendants. It also removes obsolete language from the law.

SHALL THIS AMENDMENT BE APPROVED BY THE PEOPLE?

YES, FOR THE AMENDMENT

NO, AGAINST THE AMENDMENT

SECTION 3. The President Pro Tempore of the Senate shall, immediately after the passage of this resolution, prepare and file one copy thereof, including the Ballot Title set forth in SECTION 2 hereof, with the Secretary of State and one copy with the Attorney General.

50-1-571 JCR 02/05/200538388.72