State Question 847 goes before Oklahoma voters on November 3, 2026. It would lower the caps on how fast a property's assessed value can grow each year for tax purposes, starting in 2027.
The Specific Numbers
Two separate caps would tighten:
- ›Homestead and agricultural property: the cap would drop from 3% to 1.75% per year.
- ›All other real property, including commercial property: the cap would drop from 5% to 4% per year.
Assessed value is the number your tax bill is actually calculated against, not your home's market value — so a lower growth cap means your assessed value (and the bill tied to it) can rise more slowly even in years when market value jumps.
Why a Lower Cap Doesn't Automatically Mean a Lower Bill
This is the part that gets lost in the ballot title. SQ 847 caps how fast assessed value can grow — it doesn't cap the tax rate (the millage) a local government can charge. If a county or school district has already approved bond payments that depend on a certain amount of revenue, and assessed values are growing slower than expected because of the new cap, local governments may respond by raising millage rates to make up the difference. Lawmakers are pitching this as relief, but the practical effect depends heavily on how individual local governments respond to a smaller taxable base.
Why It's Worth Watching
Oklahoma Policy Institute and other nonpartisan analysts have flagged SQ 847 as one of four state questions Oklahoma voters will decide this November. Assessment-cap questions like this one tend to get less attention than headline tax-cut measures, despite having just as much effect on what you actually owe.