Bill > SB1210

This bill amends Oklahoma's ad valorem (property) taxation law by expanding exceptions to property listing and assessment requirements, specifically by adding a new exemption for personal property valued at $1,750 or less. The bill modifies existing language in Section 2817 of Oklahoma statutes, which governs how different types of property are valued and assessed for tax purposes. The changes include a technical correction to the North American Industry Classification System (NAICS) terminology and introduces a new threshold for personal property assessment, meaning that individuals will not need to list or assess personal property items that are worth $1,750 or less. The bill also makes minor technical edits to existing language about property valuation, such as clarifying how different types of property (like agricultural land, poultry production facilities, and residential improvements) should be assessed. The modifications aim to simplify property tax reporting and assessment processes for taxpayers and county assessors. The bill is set to become effective on January 1, 2027, giving tax authorities and property owners ample time to prepare for the new assessment guidelines.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1210&Session=2600