Rep. Gann: Greater Reforms Needed to Deliver True Property-Tax Relief
INOLA, OK (Sept. 28) – State Rep. Tom Gann today said State Question 847 may slow future increases in taxable property values, but Oklahoma cannot deliver true property-tax relief without reforming the corporate exemptions, reimbursements and tax increment financing districts that shift public costs onto homeowners and other taxpayers.
Beginning in 2027, SQ 847 would reduce the maximum annual increase in taxable value from 3% to 1.75% for homestead and agricultural property and from 5% to 4% for most other real property. It also would establish lower, income-based valuation caps for certain homeowners age 65 and older.
“SQ 847 may slow the property-tax escalator, but it does not turn it off,” Gann said. “It will not reduce anyone’s current tax bill, cap millage rates or prevent new bond levies. More importantly, it does not address the preferential tax treatment government provides to selected businesses.”









