OK SJR28

Proposes a constitutional amendment (Sections 44 and 45 to Article X) requiring county boards of equalization to calculate a "revenue neutral rate" by May 31 each year—the tax rate that would generate the same ad valorem revenue as the previous year

Limits taxing jurisdictions to the revenue neutral rate unless they adopt a resolution after public notice and a hearing held by August 15, with at least 10 days advance notice published online, in newspapers, and mailed directly to affected taxpayers

Requires refunds to taxpayers for any collections exceeding the revenue neutral rate if a governing body fails to follow the prescribed notification and hearing procedures

Mandates county assessors provide annual statements to property owners showing current and proposed millage rates, revenue neutral rates, estimated taxes, purposes of revenue increases, and how governing body members voted on rate changes

Would take effect January 1, 2028, if approved by voters in a statewide referendum