Oklahoma SB1098 amends the Ad Valorem Tax Code to redefine terms and procedures for assessing residential rental housing.
Oklahoma SB1098 amends the Ad Valorem Tax Code to redefine terms and procedures for assessing residential rental housing. The bill specifies that a change in property use classification does not require reassessment based solely on sale value. However, reassessment is required if the county assessor determines a change in actual use or if the sales consideration is inconsistent with the property's prior use classification. The bill also defines terms such as "confidence level," "cost approach," and "use value" for property assessment.
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