Bill > HB2140

This bill amends Oklahoma's Ad Valorem Tax Code by making several key modifications to property taxation definitions, classifications, and valuation procedures. Specifically, it introduces a new definition for "residential rental housing" as any development with at least 60 individual rental units or housing structures, and adds a new property classification for real property containing improvements constructed for residential rental housing. The bill expands the existing definitions in the tax code, updating terminology and creating a more precise framework for assessing different types of properties. For property valuation, the bill includes a notable provision that for residential rental housing developments, the initial assessment value will not exceed the fair cash value of the land and the actual documented cost of improvements, and this assessment will remain at this level for up to one year after first being placed on tax rolls or until the property is sold to a bona fide purchaser. These changes aim to provide more clarity and potentially more consistent valuation methods for certain types of residential rental properties, while maintaining the overall structure of Oklahoma's ad valorem tax system. The bill is set to become effective on November 1, 2025.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2140&Session=2600