SB1839

Oklahoma SB1839 expands property classifications for ad valorem taxation, updates valuation methods, and sets an effective date.

Oklahoma SB1839 amends the Ad Valorem Tax Code to expand classifications of property for ad valorem taxation. It updates the valuation methods for various types of property, including real property, personal property, agricultural land, and nonresidential improvements. The bill specifies that the Ad Valorem Division of the Oklahoma Tax Commission is responsible for promulgating rules for valuation. It also sets an effective date of January 1, 2027.