OK HJR1025

Proposes amendment to Section 8B of Article X of Oklahoma Constitution limiting annual increases in fair cash value of locally assessed real property.

Changes current 5% annual valuation cap to the lesser of 3% or the increase in the Consumer Price Index for All Urban Consumers (CPI-U).

Exceptions apply when property title transfers, changes ownership, or improvements are made; property must be reassessed at fair cash value in those cases.

Directs Secretary of State to refer proposed amendment to voters with specified ballot title explaining the change from 5% to 3% or inflation rate, whichever is lower.

Requires Chief Clerk of House to file copies of the resolution with Secretary of State and Attorney General.