The bill amends Section 2876 of Title 68 of the Oklahoma Statutes, which pertains to the notice requirements for increases in property valuation and the process for taxpayers to protest such increases. The key change requires that when the county assessor notifies a taxpayer of an increase in the fair cash value of their homestead property, the notice must now include information regarding the application for a limit on the fair cash value of homestead properties, as outlined in Section 8C of Article X of the Oklahoma Constitution. This addition aims to ensure that homeowners are informed about potential protections available to them regarding property tax assessments.

Additionally, the bill maintains existing provisions regarding the notification process, the timeline for filing protests, and the informal hearing process for disputes over property valuations. It specifies that taxpayers have thirty days to file a written protest after receiving notice of an increase, and it outlines the procedures for informal hearings and appeals to the county board of equalization. The act 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