Oklahoma Schools Fear Loss Of Millions In Property Taxes

Wednesday, November 7th 2012, 3:36 pm
By: News On 6

Oklahoma public school officials say districts in the state face the loss of millions of dollars following the approval of 2 measures that would reduce property taxes.

One measure reduces the maximum increase on annual property valuations from 5% to 3% and the other exempts intangible property - such as copyrights - from property taxes.

Oklahoma State School Boards Association Director Jeff Mills said Wednesday that the two measures would mean about $55 million less each year for common education and CareerTech schools.

Mills says school districts will have no choice but to cut programs and reduce staff.

Supporters say limiting property-value increases will benefit the elderly and those on fixed income and the exempting intangible property will attract businesses to the state.