|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.
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