OK HJR1039

Changes property tax valuation increase limit from 5% to 1% per year for locally assessed real property, with exceptions for property transfers or improvements.

Allows county boards of commissioners to submit a voter referendum authorizing increases up to 5% for up to two years, after which the 1% limit returns unless another election is held.

Permits the Legislature to increase the limit beyond 1% only with three-fourths approval in both chambers and gubernatorial approval (or veto override), with any enacted increase applying statewide uniformly.

Prohibits legislative changes from affecting the outcome of previously approved local elections until the last assessment year authorized by that election has concluded.

Directs the Secretary of State to place the proposed constitutional amendment on the ballot with a specified ballot title and gist explaining the changes to voters.