Does Oklahoma State Question 758 lower your tax bill?

TULSA - Rebecca Caldwell and her husband love playing with their pets at their Broken Arrow home.
    
They also love their tax bill.

"We live in Wagoner County so our taxes are lower," said Caldwell.

So for them, the thought of paying even less in property taxes, thanks to State Question 758, sounds too good to be true.

Tulsa County Assessor Ken Yazel says that's because it is.

"Most citizens including senior citizens interpret it to be a limit on their taxation and it is not," said Yazel.

SQ 758 would not put a cap on how much a homeowner's taxes are raised from year to year.  

What it would do is cap how much the assessed value of a home can increase from year to year. 

It would limit 'property tax assessment increases' to three percent, thereby capping fast-rising property values. Meaning if this passes, you will be paying less in taxes.  

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State representative Mike Ritze is a strong supporter of 758.

"We thought it was a good thing to try to keep the property taxes down at a certain level," said Ritze, R-Broken Arrow.

But Yazel said it would actually do just the opposite. He says since counties across the state still need to generate the same amount of revenue, those whose home values are rising slowly will pay more in taxes.

"You shift the burden to those other people to pay and raise the same amount of money," said Yazel.

Yazel says if 758 passes, about 90 percent of Tulsa homeowners will pay higher taxes.

"Well I respect the assessor very much and I would have to assume his position is something that's well-studied but that's not what the intent of the legislation was," said Ritze.

Despite this, the Caldwells know they face a complicated election day decision.

"I think we are paying about what we should be paying," said Caldwell.

Another state question on the ballot, 766, would ban property taxes on intangible personal property, things like trademarks, patents and inventions.

Those for it say the proposition would give a much-needed tax break to Oklahoma businesses.

Opponents say it would cut funding for schools.