The bill amends several sections of the Oklahoma Statutes related to the inspection of real property, specifically focusing on the visual inspection process. It modifies the definition of a "visual inspection program" to remove the requirement for a "physical" examination of properties, instead emphasizing the need for data collection to establish fair cash values. Additionally, the bill updates statutory language and references, including the replacement of "physical" inspections with "on-site" inspections in the context of personal property assessments.

Furthermore, the bill outlines the responsibilities of county assessors in conducting visual inspections and gathering relevant data to ensure accurate property valuations. It mandates that assessors maintain comprehensive records and maps to support the inspection process and establishes a budgetary framework for funding these inspections through mill rates. The bill also specifies the information that must be included in billing statements sent to jurisdictions receiving revenue from ad valorem taxes, ensuring transparency in the costs associated with the visual inspection program. The act is set to take effect on November 1, 2025.