Bill > SB1212

This bill amends the Ad Valorem Tax Code to establish new compliance requirements for counties regarding their equalization ratio studies, which are used to compare the assessed value of real property to its fair cash value. The Oklahoma Tax Commission will conduct these annual studies, ensuring that the ratio of assessed value to fair cash value is based on a median of ratios from a representative sample of properties, that sample data accurately reflects the assessment date, and that sample sizes are sufficient for reliable results. Additionally, appraisals must be representative of property types, sales files must contain adequate information, and assessments within a county should not vary by more than a 20% coefficient of dispersion. Counties that meet specific assessment level standards, defined by the International Association of Assessing Officers (IAAO) as being between 0.9 and 1.10 of the assessment percentage, and have a small deviation between different property classifications, will be certified as compliant. The Oklahoma Tax Commission will also provide a computer system to facilitate these studies and monitor assessment performance, but this system cannot remotely access or alter county assessor computers. This bill will take effect on November 1, 2026.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1212&Session=2600