OK voters approve property tax increase limits


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Updated: 11/06/2012 9:02 pm Published: 11/06/2012 9:01 pm


OKLAHOMA CITY (AP) - Oklahoma voters have approved a constitutional amendment that limits the yearly increase in some property taxes to 3 percent.

The amendment's passage Tuesday means the maximum increase will be lowered from 5 percent. It goes into effect Jan. 1 and only applies to homestead exempted property and agricultural land.

Supporters say limiting the increase to 3 percent yearly will reduce financial hardships on homeowners, particularly those on fixed incomes.

Opponents argued the limit would primarily benefit the wealthy and would result in a loss of revenue for schools, libraries, local governments, the career-tech system and state-funded health services.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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