Summary
A former Oklahoma lawmaker, Mike Reynolds, has proposed a plan to end property taxes in the state by 2029. The plan, supported by two current state lawmakers, aims to phase out property taxes over three years, starting in 2027. Concerns have been raised about the loss of revenue for local governments, which rely on these taxes for funding public services.
Key Facts
- Mike Reynolds, a former state representative, filed a petition to end property taxes in Oklahoma.
- The plan would gradually eliminate property taxes between 2027 and 2029.
- By 2029, property taxes would be fully exempt for qualified homesteads.
- The proposal must collect over 92,260 signatures and pass review before reaching the 2026 ballot.
- The change could reduce local government revenue by $1.2 billion annually by 2029.
- Local governments, which use property taxes for services like roads and education, may lose important funding.
- Two state lawmakers, Senator Shane Jett and Representative Jay Steagall, support the petition.
- The exemption would not apply to taxes for pre-2027 debt payments by school districts and municipalities.
