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This post will be updated through the evening with results on State Question 847, a legislative proposal that would lower the cap on how much a property's assessed value can increase each year.
It would lower the current cap for homes and agricultural property from 3% to 1.75%. Caps for commercial property would drop from 5% to 4%. Senior citizens who make too much to have their rates frozen would have tiered caps based on their income.
A property's assessed value resets when it sells.
The state does not receive property tax revenue, but reducing the caps is expected to hurt public schools, counties, CareerTech centers and some municipalities, which rely heavily on property taxes. The overall financial impact has not been calculated, according to the ballot measure.
Prior reporting from Oklahoma Voice contributed to this report.
