Resolution 39, introduced by Paxton, directs the Secretary of State to present a proposed amendment to Section 8B of Article X of the Oklahoma Constitution to the public for approval or rejection. This amendment aims to modify the limits on the annual increase of the fair cash value of locally assessed real property. Specifically, it proposes to reduce the current limit from five percent to three percent for tax years 2013 through 2026, and from three percent to one percent for tax years 2027 and beyond. Additionally, for properties that qualify for a homestead exemption or are classified as agricultural land, the increase would be limited to three percent and one percent, respectively, under the same timeframes.

The resolution outlines that these provisions will not apply in cases where property ownership is transferred or when improvements are made to the property, which would then be assessed based on its fair cash value as defined in the Constitution. The ballot title for this proposed amendment will inform voters of the changes and ask whether they approve or reject the proposal. Following the passage of the resolution, copies will be filed with the Secretary of State and the Attorney General to ensure proper implementation.