SB2057

Oklahoma SB2057 amends definitions and classifications of property for ad valorem taxation.

Oklahoma SB2057 amends the definitions and classifications of property for ad valorem taxation. It updates statutory language to include new classifications such as business assets and expands the definition of fair cash value. The bill also revises the method for valuing each class of subjects and requires uniform treatment of items within a class. The changes aim to ensure accurate estimation of fair cash value for similar properties and to maintain assessment uniformity. The act will become effective January 1, 2027.