This bill amends the Ad Valorem Tax Code in Oklahoma, specifically updating Sections 2803 and 2817 of Title 68. It expands the classifications of property subject to ad valorem taxation by adding a new category for personal property classified as de minimis, which is defined as property with a fair cash value of $5,000 or less. The bill also modifies existing language to ensure clarity and consistency with the Oklahoma Constitution, specifically replacing references to "Article X, Section 22" and "Article X, Section 5" with "of Article X." Additionally, it provides exceptions to the listing and assessment requirements for certain types of personal property, including household goods and de minimis personal property.

The bill outlines the assessment process for various types of property, including real and personal property, and establishes guidelines for determining fair cash value. It specifies that all taxable personal property, except for certain exempt categories, must be assessed annually at its fair cash value as of January 1. The bill also includes provisions for the assessment of agricultural land, nonresidential improvements, and properties used for specific purposes, such as poultry production and oil refining. The effective date for these changes is set for January 1, 2027.

Statutes affected:
Introduced: 68-2817