This bill establishes a new requirement for municipalities in Oklahoma to financially compensate property owners under specific circumstances. If a property owner can demonstrate that a municipality has enacted a reversion ordinance to change the zoning of their property back to a prior designation, resulting in a negative financial impact on the property's value, the municipality is obligated to compensate the owner. The compensation amount will be the difference between the appraised value of the property before and after the zoning reversion.

The new law will be codified as Section 43-118 of Title 11 in the Oklahoma Statutes and is set to take effect on November 1, 2026. This legislation aims to protect property owners from financial losses incurred due to municipal zoning changes that revert to previous designations.