SEVERE THUNDERSTORM WARNING Click county for more information: Hughes, McIntosh         TORNADO WATCH Click county for more information: Adair, Atoka, Bryan, Carter, Cherokee, Choctaw, Cleveland, Coal, Craig, Creek, Delaware, Garvin, Haskell, Hughes, Jefferson, Johnston, Latimer, Le Flore, Lincoln, Love, Marshall, Mayes, McClain, McIntosh, Murray, Muskogee, Nowata, Okfuskee, Okmulgee, Osage, Ottawa, Pawnee, Pittsburg, Pontotoc, Pottawatomie, Pushmataha, Rogers, Seminole, Sequoyah, Stephens, Tulsa, Wagoner, Washington         FLOOD WARNING Click county for more information: Muskogee         FIRE WARNING Click county for more information: Woodward        

A proposed constitutional amendment to reduce the cap on property tax increases on homes headed to the state House on Wednesday after winning state Senate approval.

Senate Joint Resolution 59 by Sen. Jim Reynolds would lower the cap on property tax increases on homes from 5 to 3 percent.

Reynolds' proposal would require a statewide election and approval of voters to make this constitutional change in property taxes. It would not affect the 5 percent cap on business properties, said Reynolds, R-Oklahoma City.

Under current state law, a county assessor can increase the value of a home by up to 5 percent a year.

Property taxes are based on the assessed valuation of a home.

Public school officials holding a news conference at the state Capitol said this proposal could reduce revenues to schools by $25 million if it became law.

"Firstly, do not forget this is for homestead,” Reynolds said. "This is for every Oklahoman who said, ‘I choose to live in Oklahoma.'”

Also, it is fair and responsible to let voters speak on the issue if it passes the Legislature, he said.

Several Democrats spoke against it, saying it will affect economic development efforts.

They said education is a major factor in economic development and will lose money under this proposal.

Sen. Kenneth Corn, D-Poteau, said senators always are talking about fixing roads and bridges in their counties, but this proposal would reduce money for county roads.

"We're going to continue to erode the revenue base in this state. How can we be serious about recruiting jobs?” he said.

Sen. Richard Lerblance, D-Hartshorne, said, "We have less money this year to appropriate than last year. Why? Because of tax cuts. This is just another in a line of continuing tax cuts.”

He said people don't mind paying taxes when they get services, but this will affect state employee raises, teacher raises and other agencies, he said.

The measure now moves on to the House of Representatives.