Bill > SB313

This bill modifies Oklahoma tax law regarding excess proceeds from property resales at tax delinquency auctions. Currently, when a property is sold at a tax sale and the sale price exceeds the total taxes owed, those excess funds are supposed to be returned to the original property owner. The bill now mandates that if the county treasurer cannot return these excess proceeds to the owner after making reasonable efforts, the funds must be transferred to the State Treasurer and deposited into the Unclaimed Property Fund. This change ensures that unclaimed excess proceeds from tax sales are centralized and potentially recoverable by the original property owner through the state's unclaimed property system. The bill will take effect on November 1, 2025, giving local governments and tax authorities time to prepare for the new procedure. The modification applies specifically to properties sold at resale for delinquent taxes, where the sale amount is higher than the total tax debt.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb313&Session=2600