The bill amends Section 2876 of Title 68 of the Oklahoma Statutes, which pertains to the notice requirements for increases in property valuation for ad valorem tax purposes. It mandates that when a county assessor increases the valuation of real property, specifically homesteads, the notification sent to taxpayers must include additional information regarding the limitation on the fair cash value of such homesteads as outlined in the Oklahoma Constitution. This includes details about the current year's fair cash value, the taxable fair cash value for both the current and preceding years, and the assessed value and assessment percentage for those years.

Additionally, the bill clarifies the process for taxpayers to protest valuation increases, allowing them thirty days from the mailing date of the notice to file a written protest. It also establishes that if a taxpayer's property valuation has not changed, they may still file a protest by a specified deadline. The county assessor is required to hold an informal hearing to address these protests and must issue a written decision within seven days. The bill is set to take effect on November 1, 2025.

Statutes affected:
Introduced: 68-2876
Floor (House): 68-2876
Floor (Senate): 68-2876
Engrossed: 68-2876
Enrolled (final version): 68-2876