OKLAHOMA COUNTY (KFOR) — The new year had many county assessors looking at what sort of impact would be had if Oklahoma got rid of its property tax. Critics have said it could destroy the money that public schools and many others rely on.
Oklahoma saw its grocery tax get cut; it’s slowly seeing the state income tax get cut, and next on the chopping block seems to be the property tax.
This comes after State Question 842 passed a couple of hurdles and seems to be headed onto its next steps. SQ 842 essentially gets rid of the ad valorem (property) taxes on owner-occupied homesteads through a three-year phase-in of increased exemptions.
Officials warn proposed OK ballot measure eliminating home property taxes would cause catastrophic damage
Unlike legislation passed by the Oklahoma Legislature, SQ 842 would be decided directly by voters in a statewide election…