State lawmakers propose new cap on property tax increases
Tuesday, February 1st 2005, 12:32 pm
By: News On 6
OKLAHOMA CITY (AP) -- A bill to limit property tax increases to 3% per year is being filed in the state Legislature.
Current law allows property taxes to rise by 5% per year.
State Representative Bill Case says the income of homeowners isn't keeping up with property tax increases and the proposal gives them a break.
Representative Guy Liebmann says a homeowners' property taxes will double in 14 years under the five percent annual increase. He says at 3%, taxes will double in 24 years.
The bill would send a proposed constitutional amendment to a vote of the people to prevent property taxes from rising by more than 3% a year.