This bill amends Section 2913 of Title 68 of the Oklahoma Statutes to introduce a prepayment option for ad valorem taxes, allowing taxpayers to make installment payments toward their property taxes for the following calendar year. The county treasurer is authorized to offer this prepayment option, which is limited to taxpayers without delinquent taxes, ongoing valuation protests, taxes paid through escrow accounts, or public service corporations. Taxpayers must notify the county treasurer in writing by January 15 of the calendar year for which they wish to make prepayments. The prepayment option consists of twelve monthly installment payments based on the previous year's tax obligation, with specific deadlines for payment.

Additionally, the bill outlines the handling of prepayments, requiring that they be deposited into a dedicated Property Tax Prepayment Fund, with interest retained to offset administrative costs. It also stipulates that if a taxpayer fails to make timely payments, the county treasurer may refuse further installment payments, and any overpayments will be refunded within a specified timeframe. Importantly, the bill clarifies that the introduction of the prepayment option does not alter existing due dates, penalty schedules, or collection processes for property taxes. The act is set to take effect on November 1, 2026.