OK HJR1038

Proposes a constitutional amendment to reduce the annual cap on fair cash value increases for locally assessed real property from 5% to 2% for ad valorem tax purposes

The 2% cap would not apply when property title is transferred to another person or when improvements are made to the property, in which cases the property would be assessed at full fair cash value

Applies to real property including homesteads that are valued by county assessors, not to personal property or property valued by the State Board of Equalization

If approved by voters, the amendment would take effect January 1, 2013

Directs the Secretary of State to refer the proposed constitutional amendment to voters for approval or rejection through a ballot measure