The bill amends Sections 2802 and 2803 of the Oklahoma Statutes regarding ad valorem tax, specifically focusing on the definitions and classifications of property for taxation purposes. Notably, it introduces the definition of "business assets," which encompasses nonresidential personal property of taxpayers, excluding agricultural personal property. Additionally, the bill updates various statutory terms and classifications, including the removal of outdated language and the addition of new definitions related to property assessment and valuation processes.

Furthermore, the bill expands the classification of property for ad valorem taxation to include "business assets" alongside existing categories such as real property, personal property, public service corporation property, and railroad and air carrier property. The legislation mandates that valuation methods for each class of property must be appropriate and uniformly applied, ensuring consistency in the assessment process. The effective date for these changes is set for January 1, 2027.