OK SJR5

Proposes amendment to Section 8B of Article X of Oklahoma Constitution to limit annual increases in fair cash value of locally assessed real property, effective January 1, 2010.

Non-homestead real property fair cash value increases capped at 5% per year; homestead property increases capped at 3% per year.

Caps do not apply when property title transfers, changes ownership, or when improvements are made to the property.

Removes obsolete compliance language from existing Section 8B regarding county adherence to valuation laws as of January 1, 1997.

Requires Secretary of State to place constitutional amendment on ballot for voter approval through referendum process.