The Oklahoma Suprmeme Court recently ruled unconstitutional a tax break which has been enjoyed by land developers and home builders in Oklahoma.  This tax break has allowed builders and land developers to freeze the taxable market value of land purchased for development to its value at the time it was purchased, thus saving developers and builders money.  The Court stated that the value of the land must be reassessed annually, as is the land owned by other types of property owners.  This will result in builders and developers paying higher property taxes.

Builders will likely pass their increased costs on to home buyers by raising the prices of their homes.  However, Oklahoma remains one of the most affordable housing markets in the country.  Also, according to state law, property tax increases are capped at 5% per year, so the price increases should not be too large.  A positive side to the situation is that Oklahoma Schools will receive more funding due to the increase in collection of property taxes.