The Oklahoma House of Representatives today passed legislation that would submit a measure for a statewide ballot to give Oklahomans the lowest fixed cap on property tax increases in the entire country for homestead properties. The measure, Senate Joint Resolution 39, proposes amendments to the Oklahoma Constitution that would lower the caps on annual increases in the fair cash value of property and create a tiered system to better protect seniors from rising property taxes. The proposal will be submitted to voters at a statewide election on August 25, 2026. Under the proposal, the current caps on annual increases in fair cash value would be reduced beginning in tax year 2027. The cap for homestead property and agricultural land would decrease from 3 percent to 1.75 percent, while the cap for all other real property would decrease from 5 percent to 4 percent. “This ballot question would give Oklahomans the lowest fixed rate cap on personal property in the nation," said House Speaker Kyle Hilbert, R-Bristow, who is the House author. "Oklahomans deserve real protection against the rapid rise in the value of their homes for tax purposes. At a time when families are already struggling to keep up with the cost of inflation, property taxes shouldn’t rise at the same pace as everything else.” The resolution also updates Oklahoma’s existing “senior freeze” by establishing a tiered cap structure for homestead property owned by seniors age 65 and older, based on household income relative to the median income in their county. Hilbert said the proposal is designed to provide broad property tax stability while directing the strongest protections to seniors with lower incomes. "Seniors often live on a fixed income, so tax relief for them ensures they are not priced out of their homes," said Hilbert. "This senior freeze is tiered so it does not disincentivize work, but also gives older Oklahomans much-needed tax relief."