The Norman Transcript

Government

November 7, 2012

State votes ‘yes’ to all

NORMAN — Oklahoma voters handily passed all six state questions on this year’s ballot.

SQ 766:

One of the most hotly debated issues on the Oklahoma ballot, State Question 766 would exempts all intangible personal property from ad valorem taxation.

“I’m pleased with the outcome of the election on State Question 766,” said Norman Chamber of Commerce President John Woods. “I think it’s an indication that Oklahma supports our businesses and wants to make sure that job growth continues in the state.”

This measure exempts all intangible personal property from ad valorem property taxation. The value of intangible personal property is not derived from its physical attributes but rather from what it represents or evidences.

Norman Public Schools superintendent Joe Siano said 766 will cost school districts approximately $32 million, and 758 will cut $4 million out of the state’s income for education.

Intangible personal property, which is currently taxed but would not be if the measure is adopted, includes items such as:

· Patents, inventions, formulas, designs and trade secrets;

· Licenses, franchise and contracts;

· Land leases, mineral interests and insurance policies;

· Custom computer software; and

· Trademarks, trade names and brand names.

The measure will apply to property taxation, starting with the tax year that begins on Jan. 1.

SQ 758

Ad valorem will now be capped at 3 percent on homestead exempted property. The measure changes the limits on increases in fair cash value. The cap would also apply to agricultural land.

“You have to respect the voice of the people,” Siano said. “My concern isn’t with the merit of the taxes themselves but the impact they’ll have on public school revenue. I urge communities to ask their legislators to plan for the replacement of lost revenue now that these have passed.”

Though its impact is more long-term, State Question 758’s cap on annual property tax increases could foreseeably have a similarly damaging effect, as it, too will potentially limit the state’s already slim education budget.

Text Only | Photo Reprints
Government
  • Moore City Council paves way for Sam’s Club location

    MOORE — The Moore City Council approved a $5 million bond Tuesday to be repaid with sales tax and utility revenues. “A good amount of street improvements needs to be done,” Moore City Manager Steve Eddy said. “This will be paid for with ...

    July 22, 2014

  • Another brick in the Wal-Mart

    Norman could soon have five Wal-Mart stores, including three supercenters and two neighborhood markets. A proposal for the newest supercenter will come before the Norman City Council at 6:30 p.m. Tuesday via a request for a zoning change on ...

    July 20, 2014

  • Local group celebrates ruling

    A local group, Mothers of Many, expressed its elation with Friday’s 10th Circuit Court ruling striking down Oklahoma’s state ban on same-sex marriage....

    July 20, 2014

  • Leftover loss still hurting

    OKLAHOMA CITY — Cities, counties and school districts remain frozen out of a federal program that has sent millions of dollars worth of trenchers, trailers, semis, bulldozers, boats and forklifts and other equipment over the years....

    July 19, 2014

  • City and state briefs

    Transportation needs listed The White House released a new report this week from the Council of Economic Advisers and National Economic Council on the long-term economic benefits of transportation investment and why conditions in the ...

    July 17, 2014

  • Griffin Park 6 Proposal requests improving, expanding youth sports facilities

    Improving and expanding Norman’s youth sports facilities will generate revenue in tourism dollars, say advocates of Norman Forward, a grassroots initiative launched last week. The package proposed by Norman business leaders and community ...

    July 16, 2014 1 Photo

  • Norman sales tax slump not an indicator for FYE 2015

    Norman sales tax collections were disappointingly low this month, kicking off the new fiscal year below budget. The Oklahoma Tax Commission deposited $5,439,309 in sales tax receipts for Norman on July 9. The Public Safety Sales Tax ...

    July 11, 2014

  • Library tops city’s list of desired amenity

    Businessman Mike Fowler promised to lead Norman forward during his inaugural speech as the incoming Norman Chamber of Commerce Board of Directors chairman this year. Months before that declaration, however, Fowler and a group of Norman ...

    July 11, 2014

  • City briefs

    Inaugural 2014 Rookie Camp at Whittier Recreation Center The Inaugural 2014 Rookie Camp for ages 4-7 will take place from 10 a.m. to noon Monday through Thursday at the Whittier Recreation Center, 2000 W. Brooks St....

    July 11, 2014

  • Legacy Trails expected to be regional draw to TIF retail district

    The Norman City Council approved a Business Improvement District on Tuesday to pay for maintenance of Legacy Park. The park is expected to be a regional draw, enhancing the University North Park retail area and bringing people to the area ...

    July 9, 2014