Senate Bill No. 681 amends Section 2876 of Title 68 of the Oklahoma Statutes, which pertains to the notice of property valuation increases and the process for taxpayers to protest such increases. The bill requires that when the county assessor notifies a taxpayer of an increase in the fair cash value of their real property, specifically for homesteads, the notice must include information regarding the application for a limit on the fair cash value of homestead properties as outlined in the Oklahoma Constitution. This addition aims to ensure that homeowners are informed about potential protections available to them regarding property tax assessments.

The bill also maintains existing provisions regarding the notification process and the timeline for filing protests against valuation increases. Taxpayers will still have thirty days to file a written protest after receiving notice, and the county assessor is required to hold an informal hearing to address the protest. The effective date for this act is set for November 1, 2025.

Statutes affected:
Introduced: 68-2876
Floor (Senate): 68-2876