This bill mandates that all taxing jurisdictions receiving funds under the Ad Valorem Tax Code and Article X of the Oklahoma Constitution must annually disclose specific information regarding exemptions, deductions, credits, and limitations on the fair cash value or assessed value of real and personal property. The required disclosures include a comprehensive list of all such financial adjustments, the revenue impact of these adjustments, and the expiration dates along with justifications for the continuation of these exemptions and deductions.

Additionally, the bill stipulates that county assessors and the Ad Valorem Division of the Oklahoma Tax Commission are to provide necessary assistance to these jurisdictions to ensure compliance with the new disclosure requirements. The legislation is set to take effect on January 1, 2027.