Okla. Stat. tit. 11, § 11-38-123

For every year in which tax increment allocations are used by a

city or an Urban Renewal Authority, the county excise board shall

apportion to the city in which such tax increment allocation

district is located, a part of the millage authorized by subsection

(a) of Section 9 of Article X of the Oklahoma Constitution. The

procedure for apportioning such millage shall be as follows:

1. Upon notice of such use by the city, the county assessor

shall reassess the amount of increase from the base year net

assessed valuation of real property within a tax increment

allocation district and shall certify such amount to the county

clerk and the county excise board before July 1 of each year. Such

amount, to the extent not already included, shall be added to the

net assessed valuation of the tax increment allocation district and

the total shall be referred to as the current year net assessed

valuation;

2. The county excise board shall then determine the amount to

be apportioned. The procedure for determining such amount shall be

as follows:

a. compute the revenue derived from the tax

increment allocation district's base year net assessed valuation by

multiplying the total millage levied during the prior year against

the base year net assessed valuation of the tax increment allocation

district,

b. compute the revenue derived from the tax

increment allocation district's current year net assessed valuation

by multiplying the total millage levied during the prior year

against the current year net assessed valuation of the tax increment

allocation district,

c. compute the incremental tax revenue of the tax

increment allocation district subtracting the revenue derived from

the base year net assessed valuation from the revenue derived from

the current year net assessed valuation, and

Oklahoma Statutes - Title 11. Cities and Towns Page 427

d. divide the incremental tax revenue by the

current year net assessed valuation of the city in which the tax

increment allocation district is located.

The result represents the amount of millage to be apportioned by the

county excise board to the city in which the tax increment

allocation district is located;

3. The county excise board shall then apportion such amount to

the city, for use for urban renewal and urban redevelopment

purposes, in accordance with Section 2495 of Title 68 of the

Oklahoma Statutes, provided that in no event shall the apportionment

authorized by this section exceed one-half (1/2) mill; and

4. Such allocations with respect to a tax increment allocation

district shall terminate upon the expiration of thirty (30) years or

such earlier date as may be determined by the municipality.