Okla. Stat. tit. 68, § 68-2802

As used in Section 2801 et seq. of this title:

1. "Accepted standards for mass appraisal practice" means those

standards for the collection and analysis of information about

taxable properties within a taxing jurisdiction permitting the

accurate estimate of fair cash value for similar properties in the

jurisdiction either without direct observation of such similar

properties or without direct sales price information for such

similar properties using a reliable statistical or other method to

estimate the values of such properties;

2. "Additional homestead exemption" means the exemption

provided by Section 2890 of this title;

3. "Assessor" means the county assessor and, unless the context

clearly requires otherwise, deputy assessors and persons employed by

the county assessor in performance of duties imposed by law;

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4. "Assess and value" means to establish the fair cash value

and taxable fair cash value of taxable real and personal property

pursuant to requirements of law;

5. "Assessed valuation" or "assessed value" means the

percentage of the fair cash value of personal property, or the

percentage of the taxable fair cash value of real property, pursuant

to the provisions of Sections 8 and 8B of Article X of the Oklahoma

Constitution, either of individual items of personal property,

parcels of real property or the aggregate total of such individual

taxable items or parcels within a jurisdiction;

6. "Assessment percentage" means the percentage applied to

personal property and real property pursuant to Section 8 of Article

X of the Oklahoma Constitution;

7. "Assessment ratio" means the relationship between assessed

value and taxable fair cash value for a county or for use categories

within a county expressed as a percentage determined in the annual

equalization ratio study;

8. "Assessment roll" means a computerized or noncomputerized

record required by law to be kept by the county assessor and

containing information about property within a taxing jurisdiction;

9. "Assessment year" means the year beginning January 1 of each

calendar year and ending on December 31 preceding the following

January 1 assessment date;

10. "Circuit breaker" means the form of property tax relief

provided by Sections 2904 through 2911 of this title;

11. "Class of subjects" means a category of property

specifically designated pursuant to provisions of the Oklahoma

Constitution for purposes of ad valorem taxation;

12. "Code" means the Ad Valorem Tax Code, Section 2801 et seq.

of this title;

13. "Coefficient of dispersion" means a statistical measure of

assessment uniformity for a category of property or for all property

within a taxing jurisdiction;

14. "Confidence level" means a statistical procedure for

determining the degree of reliability for use in reporting the

assessment ratio for a taxing jurisdiction;

15. "Cost approach" means a method used to establish the fair

cash value of property involving an estimate of current construction

cost of improvements, subtracting accrued depreciation including any

loss in value that may be caused by physical deterioration,

functional obsolescence or economic obsolescence and adding the

value of the land.

a. Physical deterioration is a cause of depreciation that

is a loss in value due to ordinary wear and tear and

the forces of nature.

b. Functional or internal obsolescence is the loss in

value of a property resulting from changes in tastes,

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preferences, technical innovations or market

standards.

c. Economic or external obsolescence is a cause of

depreciation that is a loss in value as a result of

impairment in utility and desirability caused by

factors outside the boundaries of the property or loss

of value in a property (relative to the cost of

replacing it with a property of equal utility) that
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preferences, technical innovations or market

standards.

c. Economic or external obsolescence is a cause of

depreciation that is a loss in value as a result of

impairment in utility and desirability caused by

factors outside the boundaries of the property or loss

of value in a property (relative to the cost of

replacing it with a property of equal utility) that

stems from factors external to the property;

16. "County board of equalization" means the board which, upon

hearing competent evidence, has the authority to correct and adjust

the assessment rolls in its respective county to conform to fair

cash value and such other responsibilities as prescribed in Section

2801 et seq. of this title;

17. "Equalization" means the process for making adjustments to

taxable property values within a county by analyzing the

relationships between assessed values and fair cash values in one or

more use categories within the county or between counties by

analyzing the relationship between assessed value and fair cash

value in each county;

18. "Equalization ratio study" means the analysis of the

relationships between assessed values and fair cash values in the

manner provided by law;

19. "Fair cash value" or "market value" means the value or

price at which a willing buyer would purchase property and a willing

seller would sell property if both parties are knowledgeable about

the property and its uses and if neither party is under any undue

pressure to buy or sell and for real property shall mean the value

for the highest and best use for which such property was actually

used, or was previously classified for use, during the calendar year

next preceding the applicable January 1 assessment date;

20. "Homestead exemption" means the reduction in the taxable

value of a homestead as authorized by law;

21. "Income and expense approach" means a method to estimate

fair cash value of a property by determining the present value of

the projected income stream;

22. "List and assess" means the process by which taxable

property is discovered, its description recorded for purposes of ad

valorem taxation and its fair cash value and taxable fair cash value

are established;

23. "Mill" or "millage" means the rate of tax imposed upon

taxable value. One (1) mill equals One Dollar ($1.00) of tax for

each One Thousand Dollars ($1,000.00) of taxable value;

24. "Multiple regression analysis" means a statistical

technique for estimating unknown data on the basis of known and

available data;

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25. "Parcel" means a contiguous area of land described in a

single description by a deed or other instrument or as one of a

number of lots on a plat or plan, separately owned and capable of

being separately conveyed;

26. "Sales comparison approach" means the collection,

verification, and screening of sales data, stratification of sales

information for purposes of comparison and use of such information

to establish the fair cash value of taxable property;

27. "State Board of Equalization" means the Board responsible

for valuation of railroad, airline and public service corporation

property and the adjustment and equalization of all property values

both centrally and locally assessed;

28. "Taxable value" means the percentage of the fair cash value

of personal property or the taxable fair cash value of real

property, less applicable exemptions, upon which an ad valorem tax

rate is levied pursuant to the provisions of Section 8 and Section

8B of Article X of the Oklahoma Constitution;

29. "Taxable fair cash value" means the fair cash value of

locally assessed real property as capped pursuant to Section 8B of

Article X of the Oklahoma Constitution;

30. "Use category" means a subcategory of real property, that

is either agricultural use, residential use or commercial/industrial
pursuant to the provisions of Section 8 and Section

8B of Article X of the Oklahoma Constitution;

29. "Taxable fair cash value" means the fair cash value of

locally assessed real property as capped pursuant to Section 8B of

Article X of the Oklahoma Constitution;

30. "Use category" means a subcategory of real property, that

is either agricultural use, residential use or commercial/industrial

use but does not and shall not constitute a class of subjects within

the meaning of the Oklahoma Constitution for purposes of ad valorem

taxation;

31. "Use value" means the basis for establishing fair cash

value of real property pursuant to the requirement of Section 8 of

Article X of the Oklahoma Constitution; and

32. "Visual inspection program" means the program required in

order to gather data about real property from physical examination

of the property and improvements in order to establish the fair cash

values of properties so inspected at least once each four (4) years

and the fair cash values of similar properties on an annual basis.