Oklahoma SB237 amends ad valorem tax rules for commercial and agricultural leases on trust property.

Oklahoma SB237 amends the law regarding ad valorem property taxes for commercial and agricultural leases on trust property. It updates statutory references, requires payment in lieu of ad valorem taxes for certain leases, and mandates that the Commissioners of the Land Office include this payment in the minimum bidding requirement for leases. The bill also specifies that the Commissioners of the Land Office may refuse bids or leases from parties in default or violating lease provisions.

Oklahoma SB237 amends ad valorem tax rules for commercial and agricultural leases on trust property.

Oklahoma SB237 amends the law regarding ad valorem property taxes for commercial and agricultural leases on trust property. It updates statutory references, requires payment in lieu of ad valorem taxes for certain leases, and mandates that the Commissioners of the Land Office include this payment in the minimum bidding requirement for leases. The bill also specifies that the Commissioners of the Land Office may refuse bids or leases from parties in default or violating lease provisions.