OK SJR30

Proposes a constitutional amendment to reduce the annual cap on fair cash value increases for locally assessed real property from 5% to 3%, effective for tax year 2027 and beyond

Reduces the annual cap for homestead-exempt properties and agricultural land from 3% to 2%, effective for tax year 2027 and beyond

Caps do not apply when property is transferred to a new owner or when improvements are made; such properties would be reassessed at full fair cash value

Requires voter approval through a statewide ballot referendum to amend Section 8B of Article X of the Oklahoma Constitution

Does not apply to personal property subject to ad valorem taxes or property valued by the State Board of Equalization