Bill > SB681

This bill amends Oklahoma's ad valorem (property) tax law to require that property valuation notices for homestead properties include specific information about the limitation on fair cash value, as outlined in Section 8C of Article X of the Oklahoma Constitution. Currently, when a county assessor increases the valuation of a property, they must send a detailed notice to the taxpayer explaining the changes in valuation. The new requirement adds an additional informational component for homestead properties, helping homeowners understand their potential rights to limit property value increases. The bill mandates that for homestead properties, the notice must now include information about applying for a limitation on the fair cash value, which could help homeowners potentially reduce their property tax burden. The bill will become effective on November 1, 2025, giving county assessors time to update their notification processes. The change aims to improve transparency and provide homeowners with more comprehensive information about property valuations and potential tax relief options.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb681&Session=2600