OKPOLICY.ORG
Note: This op-ed is available for re-publication. Please credit Shiloh Kantz of the Oklahoma Policy Institute as author. If there are any questions, please contact OK Policy Communications Director Dave Hamby
—
A county official in rural Oklahoma recently told me about a senior citizen who walked into the office worried that rising property taxes might force them to sell their home. It’s a fear lawmakers say they hear often as they introduced measures this year aimed at cutting property taxes.
So the official sat down with the homeowner and pulled up the mortgage statement.
The homeowner’s property tax bill was about $500 a year. Their homeowners’ insurance bill had climbed to more than $3,000. Because the two amounts are lumped together in the escrow account, confusion has arisen about what’s behind the increase in their monthly housing payment.
That small moment captures something happening across Oklahoma right now: homeowners are feeling squeezed, but the biggest pressure may not be coming from where lawmakers are looking.
At the Capitol this session, property taxes have become the main target. More than 100 bills have been filed to limit or reduce them.
• Fact Sheet: Property taxes are vital to the health of local government in Oklahoma
• How much do property taxes fund local services in your county? (interactive map)
• Eliminating property taxes would devastate crucial local services
Meanwhile, homeowners’ insurance — the cost that has exploded the fastest — has received far less attention. Only eight insurance-related bills were introduced, and most have quietly stalled.
The gap is striking when you look at the numbers. Oklahoma has the highest homeowners’ insurance premiums in the nation, averaging about $6,133 per year, according to LendingTree. Rates in the state have increased more than 50 percent since 2019.
Insurance Commissioner Glen Mulready has said that about one in eight Oklahoma homeowners now go without insurance because they simply can’t afford it.
Property taxes, on the other hand, already come with guardrails. Annual increases are capped, and there are relief programs for seniors, disabled veterans, and low-income homeowners. All in all, these saved taxpayers nearly $1.7 billion last year.
Before making big changes, it may be worth stepping back and asking a simple question: Are lawmakers trying to solve the right problem? Property taxes are approved by local voters and fund the services our communities depend on — schools, fire protection, roads, and emergency response.
If lawmakers rush to limit property taxes without understanding the consequences, those local services will feel the impact.
Oklahoma families deserve solutions that lower housing costs without weakening our communities we call home.
# # #
Shiloh Kantz is executive director of the Oklahoma Policy Institute.
