Okla. Stat. tit. 68, § 68-2817.1
This is the official text of Okla. Stat. tit. 68, § 68-2817.1, part of Oklahoma’s Stat. tit. 68, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 68,." Browse the sections below, each linked to its official government source.
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Implementation of Oklahoma Constitution Article X,
Official statutory text
Section 8B - Increasing taxable fair cash value of locally assessed
real property.
A. For purposes of implementing Section 8B of Article X of the
Oklahoma Constitution, the taxable fair cash value of locally
assessed real property shall not be automatically increased five
percent (5%) each year, the five-percent limitation on the increase
in the taxable fair cash value shall not be cumulative, and the
five-percent limitation shall not be considered as a twenty-percent
increase every four (4) years.
B. For purposes of implementing Section 8B of Article X of the
Oklahoma Constitution, improvements made to locally assessed real
property shall be assessed in accordance with law by the county
assessor based on the fair cash value of the improvement. The
assessed value of the improvement shall then be added to the
existing assessed value of the property, except as otherwise
provided in the Oklahoma Housing Reinvestment Program Act. The
existing property shall continue to be subject to the five-percent
limitation on the increase in valuation as set forth in Section 8B
of Article X of the Oklahoma Constitution. Except when title to the
property is transferred, changed, or conveyed to another person as
defined in Section 2802.1 of this title, and in accordance with
Legislative intent as set forth in subsection A of this section,
under no circumstances shall the taxable fair cash value of the
existing property increase by more than five percent (5%) in any
taxable year.
real property.
A. For purposes of implementing Section 8B of Article X of the
Oklahoma Constitution, the taxable fair cash value of locally
assessed real property shall not be automatically increased five
percent (5%) each year, the five-percent limitation on the increase
in the taxable fair cash value shall not be cumulative, and the
five-percent limitation shall not be considered as a twenty-percent
increase every four (4) years.
B. For purposes of implementing Section 8B of Article X of the
Oklahoma Constitution, improvements made to locally assessed real
property shall be assessed in accordance with law by the county
assessor based on the fair cash value of the improvement. The
assessed value of the improvement shall then be added to the
existing assessed value of the property, except as otherwise
provided in the Oklahoma Housing Reinvestment Program Act. The
existing property shall continue to be subject to the five-percent
limitation on the increase in valuation as set forth in Section 8B
of Article X of the Oklahoma Constitution. Except when title to the
property is transferred, changed, or conveyed to another person as
defined in Section 2802.1 of this title, and in accordance with
Legislative intent as set forth in subsection A of this section,
under no circumstances shall the taxable fair cash value of the
existing property increase by more than five percent (5%) in any
taxable year.
Status: in_force · Read it on the official government site
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