The bill amends the Ad Valorem Tax Code in Oklahoma by introducing a new definition for "Residential rental housing," which includes properties designed for multifamily or multiple single-family rentals. It expands property classifications for ad valorem taxation to cover real property improvements specifically for residential rental housing and modifies valuation procedures to ensure assessments reflect fair cash value standards. The bill also updates statutory references to enhance clarity and consistency, emphasizing uniform treatment in property classification and assessment as required by the Oklahoma Constitution.

Additionally, the bill clarifies that county assessors will not factor in the cost of land or public use improvements in property valuations. It states that the transfer of real property without a change in use classification will not trigger reassessment based solely on sale value, unless there is a change in actual use or discrepancies in sales consideration. The bill establishes that "fair cash value" will guide property assessments based on use rather than zoning. It includes provisions for residential rental housing, ensuring that completed buildings are assessed at a value not exceeding the fair cash value of the land and documented improvement costs for two years or until sold or leased. The bill is set to take effect on November 1, 2025.

Statutes affected:
Introduced: 68-2817