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Bill

SB 1114

Constitutional amendment; providing credit for owners of property that qualify for certain limitation on the growth of fair cash value.

2025 Regular Session Introduced by Chris Kannady and 1 co-sponsor

Oklahoma constitutional amendment establishing tax credits for property owners using the state's property value growth limitation program.

Coauthored by Senator(s) Weaver
0
WeVote Research Nonpartisan
Bill Summary · SB 1114

Legislative bill overview

SB 1114 proposes a constitutional amendment in Oklahoma that would allow property owners to receive a tax credit or exemption based on their participation in the state's property tax limitation program, which caps the annual growth of assessed property values. The bill has progressed through committee with amendments and is currently in the legislative process.

Why is this important

Property tax limitations directly affect both individual homeowners' tax burdens and municipal/school funding streams. This amendment could incentivize participation in growth-capped assessment programs while potentially reducing tax revenue for local governments and public services that depend on property tax bases. The constitutional nature of this change makes it difficult to reverse without future amendments.

Potential points of contention

  • Fiscal impact on local services: Reduced property tax revenue could strain funding for schools, emergency services, and infrastructure in communities with high participation
  • Equity concerns: Property owners who qualify for the credit/exemption may receive preferential treatment compared to newer residents or those ineligible for the program
  • Revenue shifting: Any lost property tax revenue may need to be replaced through other tax sources or budget cuts, affecting the overall tax burden distribution

Compiled from official sources — confirm details with the bill’s official record.

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