OK HJR1030

Proposes constitutional amendment to Section 8B of Article X limiting annual increases in fair cash value of locally assessed real property to one percent (1%) during any two successive taxable years, replacing the current five percent (5%) annual limit

Exceptions apply when property title is transferred, changed, or conveyed to another person, or when improvements are made to the property—in those cases, fair cash value is reassessed based on current market value

Effective date of January 1, 2013 for counties in compliance with applicable property valuation laws and regulations; delayed implementation for non-compliant counties until the year following their compliance certification

Does not apply to personal property subject to ad valorem taxation or any property valued or assessed by the State Board of Equalization

Directs Secretary of State to refer amendment to voters with specified ballot title asking for approval or rejection of the valuation increase limitation change