Senate Bill No. 678 establishes the Centrally Assessed Ad Valorem Volatility Reimbursement Fund within the State Treasury, aimed at reimbursing counties for revenue losses due to decreased valuation and assessment of centrally assessed properties. The fund will be a continuing fund, not limited by fiscal year constraints, and will consist of appropriated monies designated for this purpose. To qualify for reimbursement, counties must demonstrate at least a fifty-percent reduction in net assessed value from centrally assessed properties, resulting in a minimum ten-percent reduction in ad valorem tax revenues for the associated school district. The reimbursement will cover twenty-five percent of the revenue reduction for the first two years following the valuation decrease, prioritizing school districts before counties.

Additionally, the bill appropriates $2 million from the General Revenue Fund to the Oklahoma Tax Commission for the reimbursement fund for the fiscal year ending June 30, 2024. Claims for reimbursement must be submitted by county commissioners by December 1 following the valuation reduction, and total claims cannot exceed the fund's balance. If claims exceed the available funds, they will be proportionately reduced. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.