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Bill > SB2018
OK SB2018
OK SB2018Ad valorem tax; prescribing valuation method for certain real property for certain period. Effective date.
summary
Introduced
02/02/2026
02/02/2026
In Committee
02/24/2026
02/24/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
An Act relating to ad valorem tax; amending 68 O.S. 2021, Sections 2802 and 2817, as amended by Section 1, Chapter 374, O.S.L. 2022 (68 O.S. Supp. 2025, Section 2817), which relate to definitions and the listing and assessment of taxable property; defining term; prescribing valuation method for certain real property for certain period; updating statutory language; and providing an effective date.
AI Summary
This bill amends existing Oklahoma law regarding ad valorem taxes, which are taxes based on the value of property. Specifically, it introduces a new definition for "residential rental housing," which refers to a property with at least twenty rental units or housing structures, excluding those receiving federal low-income housing credits. The bill then modifies the method for valuing this type of property by stipulating that for the first two tax years or until the property is transferred, its fair cash value will be determined solely using the "cost approach," a valuation method that estimates the cost to replace the property. The bill also makes minor technical corrections to existing language and sets an effective date of November 1, 2026.
Committee Categories
Budget and Finance, Labor and Employment
Sponsors (1)
Last Action
Title stricken (on 02/24/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=sb2018&Session=2600 |
| BillText | https://www.oklegislature.gov/cf_pdf/2025-26%20COMMITTEE%20SUBS/SCS/SB2018%20CS.PDF |
| Committee Amendment | https://www.oklegislature.gov/cf_pdf/2025-26%20COMMITTEE%20AMENDMENTS/Senate/SB2018%20PCS.PDF |
| Fiscal Note/Analysis - Senate: SB2018 INT FI (2) | https://www.oklegislature.gov/cf_pdf/2025-26%20SUPPORT%20DOCUMENTS/impact%20statements/fiscal/Senate/SB2018%20INT%20FI%20(2).PDF |
| Fiscal Note/Analysis - Senate: SB2018 INT FI | https://www.oklegislature.gov/cf_pdf/2025-26%20SUPPORT%20DOCUMENTS/impact%20statements/fiscal/Senate/SB2018%20INT%20FI.PDF |
| Fiscal Note/Analysis - Senate: Introduced | https://www.oklegislature.gov/cf_pdf/2025-26%20SUPPORT%20DOCUMENTS/BILLSUM/Senate/SB2018%20INT%20BILLSUM.PDF |
| BillText | https://www.oklegislature.gov/cf_pdf/2025-26%20INT/SB/SB2018%20INT.PDF |
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