On the ballot Nov. 3 is State Question 847, which would lower Oklahoma’s assessment caps for property taxes, potentially lowering revenue for Norman, its public schools and public safety services.
If passed, SQ 847 would take effect in 2027. Assessment caps, which were introduced to Oklahoma in 1996, limit how much a property’s assessed value can increase each year. It was intended to protect homeowners from rapidly raising property taxes.
Property taxes are calculated based on this assessed value. Under the measure, Oklahoma’s homestead and agricultural property assessment cap would change from 3% to 1.75%, and the cap for other properties would decrease from 5% to 4%…