HB4485

Oklahoma HB4485 mandates the use of the income-approach method for valuing real property financed by the federal low income housing tax credit.

Oklahoma HB4485 establishes a new law requiring county assessors to use the income-approach method to determine the fair cash value of real property financed by the federal low income housing tax credit. The law prohibits assessors from considering the value or amount of any federal or state low income housing tax credit when determining fair cash value. It mandates the assessor to establish a formal process for this valuation and requires property owners to provide written notice of such financing to the assessor by January 1 of the first year the property is subject to assessment.