This bill amends Section 2817 of the Oklahoma Statutes regarding ad valorem taxation, specifically focusing on the listing and assessment of taxable personal property. It expands the exceptions to the listing and assessment requirements by including personal property with a fair cash value of $1,750 or less, along with household personal property and intangible personal property. The bill also updates statutory language, including changing "Industrial Classification Systems" to "Industry Classification System" and clarifying the assessment process for various types of property, including agricultural land and nonresidential improvements.

Additionally, the bill outlines specific valuation methods for different property types, such as using a ten-year depreciation schedule for poultry production facilities and establishing a fair cash value for residential lots based on the underlying land's value. It also addresses the reassessment of properties when there is a change in use or classification and provides guidelines for assessing properties that have been damaged. The act is set to take effect on January 1, 2027.

Statutes affected:
Introduced: 68-2817