HB3572

Oklahoma HB3572 amends property tax exemptions for charitable institutions.

Oklahoma HB3572 modifies the property tax exemption for charitable institutions by altering the net income requirement and expanding the property requirements. The bill specifies that properties used exclusively for charitable purposes, including those owned by Section 501(c)(3) tax-exempt entities, are exempt from ad valorem taxation. It also mandates that owners of such properties submit annual occupancy reports to county assessors. The changes apply to properties in any county of Oklahoma, regardless of population.