Bill > SB679

This bill establishes the Property Tax Transparency Act, which aims to provide Oklahoma property owners with comprehensive and detailed information about their property tax assessments. The legislation requires county tax assessors to create annual assessment statements that clearly explain how a property's fair cash value is determined, including specific methodologies like comparable sales data and property-specific adjustments. Property tax bills must now include a detailed breakdown of tax rates, exemptions, and how tax revenues are allocated across different categories such as public education, public safety, infrastructure, and administrative costs. Property owners will have the right to access and review all records used in determining their property's value and can formally contest the valuation. County tax assessors must maintain an online platform with searchable property information, and independent third-party audits will be conducted annually to verify assessment accuracy. The State Auditor and Inspector will be responsible for enforcing the act, with penalties including fines up to $1,000 for failing to provide property owners with tax bill copies and potential misdemeanor charges for knowingly providing inaccurate information. The bill is set to become effective on July 1, 2025, with an emergency clause emphasizing its immediate importance for public transparency and accountability in property taxation.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb679&Session=2600