Section X-8A: Approval of exemption of household goods of heads of families and livestock employed in support of family - Adjusted millage rate - Computation procedure - Maximum rate.

    (a)  If a county approves an exemption of household goods of the
heads of families and livestock employed in support of the family
from taxation pursuant to the provisions of subsection (b) of Section
6 of this article, the millage rate levied against the net taxable
valuation of all property of each taxing jurisdiction located within
such county levying ad valorem taxes for a general fund or a building
fund shall be adjusted pursuant to the provisions of subsection (b)
of this section to compensate for the potential loss of revenue to
the taxing jurisdiction directly attributable to the exemption of all
such property.  For purposes of this section, "taxing jurisdiction"
shall include, but not be limited to, counties, cities, towns, common
school districts, vocational-technical school districts and any other
unit of government authorized to collect ad valorem taxes from
millage levied against the taxable value of property.
    (b)  The adjusted millage rate for a general fund or building
fund of each taxing jurisdiction located within a county which
exempts household goods of the heads of families and livestock
employed in support of the family from ad valorem taxation pursuant
to the provisions of subsection (b) of Section 6 of this Article
shall be computed, for each taxing jurisdiction, by dividing the net
taxable valuation of all property for the year preceding the year in
which the exemption of such property becomes effective by the
difference between the net taxable valuation of all property for the
year preceding the year in which the exemption of such property
becomes effective and the net taxable valuation of the household
goods of the heads of families and livestock employed in support of
the family for the year preceding the year in which the exemption of
such property becomes effective.  The resulting quotient shall be the
millage adjustment factor, and shall be multiplied by the millage
rate which would otherwise have been applied for the year in which
the exemption of such property becomes effective to derive the
adjusted millage rate, which shall be levied against the net taxable
valuation of all property, other than the exempt property, within the
jurisdiction for the year in which the exemption of household goods
of the heads of families and livestock employed in support of the
family becomes effective; provided, such adjusted millage rate may be
increased or decreased in the manner provided by the provisions of
this Article.
    (c)  If a county approves an exemption of household goods of the
heads of families and livestock employed in support of the family
from ad valorem taxation pursuant to the provisions of subsection (b)
of Section 6 of this article, the maximum allowable millage for any
millage levied by any taxing jurisdiction located within such county
for a general fund or building fund, as prescribed by Sections 9, 9A,
9B, 9C, 9D, 10, 10A, 10B and 35 of this article or as otherwise
authorized by Section 36 of Article V of the Oklahoma Constitution,
shall be adjusted by multiplying such millage by the millage
adjustment factor as specified in subsection (b) of this section.
The resulting product shall be the adjusted maximum allowable millage
for that particular millage levied by such taxing jurisdiction for a
general fund or building fund.
    (d)  If approved by the people, this section will become
effective January 1, 1993.