This bill establishes a new valuation method for certain real properties used for low-income or moderate-income housing, specifically those financed under the Oklahoma Affordable Housing Act and subject to land use or regulatory agreements. The county assessor is mandated to determine the fair cash value of these properties based on their projected income and expenses during the first year of operation, as well as adjusting the appraised value in subsequent years according to changes in net income. The bill outlines specific criteria for properties to qualify for this valuation method, including not receiving exempt treatment and not having agreements with taxing units for payments instead of taxes.

Additionally, the bill imposes an additional tax on properties that are sold and no longer subject to the aforementioned agreements, calculated based on the difference between taxes imposed in the three years prior to the sale and what would have been imposed at the sale price. The county assessor is required to notify property owners of any changes in eligibility for the valuation method and the associated tax implications. Notably, property owners are prohibited from protesting the valuation in certain tax years, and they must submit an annual audit to the county assessor to determine net income changes. The act is set to take effect on January 1, 2027.