Oklahoma property tax hike resolution on hold
How high are your property taxes in Oklahoma? Should Oklahoma voters have the chance to curb any property tax increases at 3% for those properties with a homestead exemption, instead of the current 5%? Senator Jim Reynolds, R-Oklahoma City thinks we should and he has submitted Senate Joint Resolution 5 that will put the issue before the citizens of Oklahoma. He was informed yesterday that the resolution was not dead, but it would not be debated before the next legislative session. SJR 5 has the support of both the House and Senate.
In Oklahoma, property taxes are one of the main sources of income for public schools, so it is no surprise that SJR 5 is opposed by education districts. I would think it would have the support of many Oklahoma citizens. I know for a fact that property taxes for those with several acres of land can be very expensive. My mother and father have to pay at least $2,000 each year in property taxes and they don’t even live in a major city. They are out in a very rural area with around 300 acres with cattle and hay meadows. I can imagine how expensive larger sections of property can be.
I understand public schools have to get their funding from somewhere, but in these hard economic times, it seems only fair that the citizens of Oklahoma have a chance to vote on the issue. According to The Oklahoman, the earliest we could see the question on the ballot would be November 2010, so there is plenty of time for the Oklahoma State Legislature to pass SJR 5 and prepare the ballot. We need to keep an eye on this and help hold their feet to the fire.
For a good explanation on how Oklahoma property taxes are calculated, please read The Joys of Property Taxes. I think you will find it an interesting read.
Hi,
After receiving my latest tax increase notice, I decided to try to figure out why my taxes were so high.
I went to the County Assessor’s and the County Treasurer’s web sites. I started looking at and comparing my taxes with some of my known neighbor’s taxes.
I noticed the homes that I looked at were paying around $800 per year while I was paying around $2,600 per year! I could see that my property was valued a few thousand dollars more, but not over three times as much like the amount of taxes I paid.
Well, after not being able to figure out why my taxes were so much in comparison to my neighbor’s, I contacted the County Assessor.
He explained that the reason my taxes were so out of line with my neighbor’s taxes was because my house burnt and we rebuilt it. Therefore, due to a change the legislature made, I would be taxed at the full taxable value of my property whereas my neighbors were only taxed at a small portion of theirs. I also was informed by the County Assessor, David Tinsley, that not only did this happen to me because our house burnt, but it also happened to people who’s houses were destroyed by the tornados and such events that our state’s people experienced.
To me, this seems very unfair, to subject a segment of the population to such a huge tax increase, who through no fault of their own, have to rebuild or buy a home when their home is destroyed in a devastating event such as mentioned.