Oklahoma law limits that growth separately for different types of properties. Homestead and agricultural properties are currently capped at 3%, whereas real property is capped at 5%.
SQ 847 proposes decreasing those caps by more than 1% each, beginning next year. Homestead and agricultural property tax could only grow 1.75% per year. Real property could only grow 4%.
As a result, property tax values would grow more slowly. The measure's language states that the potential economic impact is unknown.
Supporters, like the Oklahoma Farm Bureau, argue that means lower taxes. The bureau writes that farmers could lose money managing their land because of drought or other factors, while their taxes increase.
State Republican officials who introduced the measure argue it would alleviate rising costs on residents.
But opponents say the measure will reduce funding for public services over time.
In Oklahoma, property taxes are a major source of funding for public schools. The Oklahoma State School Boards Association writes that local entities, including school districts, could lose nearly $45.78 million. It estimates that this could reach up to $500 million within ten years.
Some local government officials, including Oklahoma City Mayor David Holt, agree.
"There is no method under current Oklahoma law to fill the financial hole that will be created by SQ 847," Holt wrote for The Oklahoman. "If you vote yes on SQ 847, you are directly and explicitly putting less money over time into the two functions of government that you have always told me you care about the most — streets and education."
This report was produced by the Oklahoma Public Media Exchange, a collaboration of public media organizations. Help support collaborative journalism by donating at the link at the top of this webpage.
