Bill > SB237

This bill amends existing Oklahoma law regarding the Commissioners of Land Office (CLO) by introducing a new requirement for payment in lieu of ad valorem taxes in counties where the CLO owns more than 10% of real property by acreage. Under the new provisions, the county assessor must determine the average agricultural land tax rate by September 1 each year and communicate this to the CLO, who must then pay the calculated amount to the county treasurer by December 31. The bill also clarifies and updates existing regulations about commercial and agricultural leases, including maintaining provisions that such leases must be at fair market value, with commercial leases limited to 55 years and agricultural leases to 5 years. Additionally, the bill specifies that any permanent improvements made on commercial trust property after July 1, 1989, will revert to the trust at the lease's end. The CLO retains the right to refuse bids from parties in default or those without adequate creditworthiness. The bill will become effective on January 1, 2026, providing a clear timeline for implementation of these new requirements.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb237&Session=2600