OK SJR39

Proposes amending Section 8B of Article X of the Oklahoma Constitution 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 1%, effective for tax year 2027 and beyond.

Caps do not apply when property ownership is transferred or when improvements are made; such properties would be reassessed at full fair cash value.

Directs the Secretary of State to place the proposed constitutional amendment before voters in a special election on August 25, 2026.

Authored by Senator Paxton and Representative Hilbert; received "Do Pass as Amended" from the Senate Rules Committee on March 4, 2026.