Newspaper article THE JOURNAL RECORD

Property Tax Measure Signed by Governor

Newspaper article THE JOURNAL RECORD

Property Tax Measure Signed by Governor

Article excerpt

A bill that would carry out the details of a massive property tax reform if the voters give their approval to the change next year was signed by Gov. Henry Bellmon Monday.

The bill signed by Bellmon Monday is a companion measure to a joint resolution calling for a revamping of the state ad valorem property tax system.

Though House Bill 1750 didn't receive opposition, officials with the Cattlemen's Association of Oklahoma said they may campaign against ad valorem reform that is provided in House Joint Resolution 1045.

Backers of the change contend the legislation will bring fairness to the tax system and allow for more equal funding of schools. Opponents predict it will lead to widespread tax increases in the future.

A key provision would limit the amount of taxes that could be paid on property to 1.5 percent of the total value.

Ellis Freeny, executive vice president of the association, said its board will meet May 27 and probably will determine the position it will take on March 14, 1989, election.

"I feel that the decision will be to campaign against it," said Freeny.

House Joint Resolution 1045, which was approved by the Oklahoma Legislature last Wednesday but does not require the governor's signature, calls for the voters to decide whether to allow ad valorem property in the state to be assessed at 100 percent of its fair cash value.

Millage rates would be rolled back for revenue neutrality, and counties and school districts would be able to increase or decrease their rates by a maximum of 10 percent each year.

Both the cattlemen's association and the Oklahoma Farmers Union came out in opposition to the joint resolution. …

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