Oklahoma SB2018 prescribes valuation methods for certain real property, including agricultural land and residential rental housing, and updates.

Oklahoma SB2018 amends the valuation method for certain real property. It specifies that the use value of agricultural land should be based on the income capitalization approach using cash rent. For residential rental housing, the valuation method is based exclusively on the cost approach. The bill also updates statutory language to reflect current practices and definitions in ad valorem taxation.

Oklahoma SB2018 prescribes valuation methods for certain real property, including agricultural land and residential rental housing, and updates.

Oklahoma SB2018 amends the valuation method for certain real property. It specifies that the use value of agricultural land should be based on the income capitalization approach using cash rent. For residential rental housing, the valuation method is based exclusively on the cost approach. The bill also updates statutory language to reflect current practices and definitions in ad valorem taxation.