OK HJR1044

Proposes a constitutional amendment to reduce the annual cap on fair cash value increases for homestead and agricultural properties from 3% to 2% for ad valorem tax purposes, effective January 1, 2027

Maintains the existing 5% annual cap on fair cash value increases for all other locally assessed real property

Preserves current exceptions allowing properties to be reassessed at full fair cash value when ownership is transferred or improvements are made

Directs the Secretary of State to refer the proposed amendment to voters for approval or rejection as a legislative referendum

Received a "Do Pass, As Amended and Coauthored" recommendation from the House Rules Committee on March 5, 2026