Okla. Stat. tit. 68, § 68-5404

county assessor - Computation of new assessed valuation.

The county treasurer shall remit and apportion each month all

collections from the sale of tax stamps pursuant to Section 5402 of

this title as follows:

1. Two percent (2%) shall be remitted to Service Oklahoma for

deposit to the credit of the General Revenue Fund of the State

Treasury; and

2. Ninety-eight percent (98%) shall be distributed as if the

funds had been collected as ad valorem tax where the farm implement

dealer’s business is located.

Funds received by taxing jurisdictions from this source shall be

utilized as if the funds had in fact been generated by ad valorem

taxes, including servicing of debt by sinking funds. On and after

January 1, 1993, and at the end of each calendar year thereafter,

the treasurer shall furnish a report to the county assessor, which

shall show the total amount of in-lieu taxes authorized by Section

5401 et seq. of this title and Section 2805 of this title and

apportioned during the fiscal year to those taxing jurisdictions

authorized to receive revenue from such in-lieu taxes. The assessor

shall calculate annually the amount of assessed valuation that

otherwise would be displaced by such in-lieu tax, by dividing the

total amount of revenue derived from such tax apportioned to each

taxing jurisdiction by the actual millage rate levied by each taxing

Oklahoma Statutes - Title 68. Revenue and Taxation Page 1518

jurisdiction during the fiscal year. The assessor shall add the

result of that calculation to the actual assessed valuation of each

taxing jurisdiction to determine the new adjusted assessed valuation

of each taxing jurisdiction, and such adjusted assessed valuation

shall be used for all purposes, including the determination of debt

limits, in the following fiscal year whenever the term “assessed

valuation” is required to be used.