OK SJR5

Proposes constitutional amendment to Section 8B of Article X limiting annual increases in fair cash value of locally assessed real property to 5%, with stricter caps for homestead and agricultural property

For property qualifying for homestead exemption or classified as agricultural land, annual fair cash value increases limited to lesser of 3% or Consumer Price Index inflation rate

Restrictions do not apply when property title transfers to another person or when improvements are made to the property

Removes obsolete language regarding county compliance deadlines and effective dates from existing constitutional provisions

Requires Secretary of State to place measure on ballot for voter approval