As I’ve mentioned a few times already, we have a property-tax assessment cap in this state: the assessed value can go up by a maximum of 5 percent per year, regardless of actual market value, unless there is a change in ownership or a substantial change in the property itself.
Senator Jim Reynolds (R-OKC) has been pushing for a lower cap, and this is as close as he’s gotten so far: the Senate, by a 25-22 vote, passed Reynolds’ Senate Joint Resolution 59, which would create a ballot measure to set the cap at 3 percent.
Now I never met a tax cut I didn’t like, even if it’s not really a cut but a slowing of the rate of increase, but this perplexes me somewhat:
“This legislation came straight from my constituents who are begging for relief from increases in property taxes,” said Reynolds. “This is an especially burdensome tax for many low-income and older people in my district and throughout Oklahoma.”
Reynolds said the five percent cap on property value assessments was supposed to limit yearly increases, but it has not worked in the way property owners thought it would.
Weird. It’s worked exactly the way I thought it would.
What I really want to know is this: what am I going to do with a whole two percent? On my somewhere-below-$100k house, this is about a buck ninety a month. I’m spending that much on a frickin’ basketball team.
Not that I’d turn it down, but I’m wondering if maybe it might be more pertinent to Reynolds’ stated position to legislate some exemptions for those who are feeling the pinch more than I am.