Proposed measure would reimburse counties for lost property tax revenue
OKLAHOMA CITY – A proposed measure at the Capitol could reimburse millions of dollars to Oklahoma County for local schools.
Since 2006, disabled veterans in Oklahoma have been exempt from paying property taxes.
In Oklahoma County, the state’s largest home to disabled veterans, that equals more than $6.5 million in lost property tax revenue each year.
If Senate Bill 657 passes, counties would get reimbursed for those lost funds beginning next year. However, that doesn’t mean counties should expect a big payout.
“We have to understand that reimbursing for that full amount is effectively costing the state the full amount. So it ultimately depends on the legislature dedicating the funds for the purpose and insuring that it’s an amount that is fair,” said Sen. Michael Montgomery.
If the bill passes, counties would submit a claim and the state would determine how much money is available and how it would be divvied up.
The bill does not say where the state would find the funds to reimburse the counties.