Just watched a TV commercial promoting a YES vote on State Question 766 here in Oklahoma. As voters, you better understanding what you are voting for. A yes vote has the potential to raise your personal property taxes! It is my understanding SQ 766 was started by ATT due to a lost court case to shift part of their tax burden to the private sector (you and me) It's backed by the State Chamber of Commerce (who pays them? Big business!) and there are no organized funds in the state to fight this question. If you live in a school district that has passed a bond issue, this can and will cause a significant increase in your personal property taxes if it passes! The taxes to pay the bond obligation WILL be assessed and 766 will switch part of this obligation currently being paid by corporations to private landowners. 766 is NOT a tax increase. A NO vote and your tax obligations will not increase. The only change which will be brought about by the passage of SQ 766 is corporations shifting their obligations to you! In all states make it your obligation to fully understand what you are actually voting for.
Okie Politics (SQ 766)
- Thread starter dfm
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SQ 766 is in reality a tax transfer, not a tax cut, therefore should not be passed.
This question mostly involves those entities whose property is centrally assessed by the State Board of Equalization, i.e. public service corporations. Currently, Article 10, §6A of the Oklahoma Constitution makes certain intangible personal property exempt from ad valorem or any other tax. The Constitution sites 8 categories of items as intangible. Certain corporations want to change this to exempt “all intangible personal property.” However, intangible personal property is not defined. What is considered intangible is highly subjective in nature and its definition is not static.
If SQ 766 passes, the OK Tax Commission estimates there will be a $50 M tax shortfall statewide; this tax shortfall will be apportioned across the state and local counties will be required to make up the shortfall. That, of course, means the Counties will have no choice but to increase the Ad Valorem tax for all their county property owners. (Continued to the left).
SQ 766 is in reality a tax transfer, not a tax cut, therefore should not be passed.
This question mostly involves those entities whose property is centrally assessed by the State Board of Equalization, i.e. public service corporations. Currently, Article 10, §6A of the Oklahoma Constitution makes certain intangible personal property exempt from ad valorem or any other tax. The Constitution sites 8 categories of items as intangible. Certain corporations want to change this to exempt “all intangible personal property.” However, intangible personal property is not defined. What is considered intangible is highly subjective in nature and its definition is not static.
If SQ 766 passes, the OK Tax Commission estimates there will be a $50 M tax shortfall statewide; this tax shortfall will be apportioned across the state and local counties will be required to make up the shortfall. That, of course, means the Counties will have no choice but to increase the Ad Valorem tax for all their county property owners. (Continued to the left).
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