Oklahoma SB678 creates a fund to reimburse counties for reductions in ad valorem tax collections due to valuation decreases.
Oklahoma SB678 establishes the Centrally Assessed Ad Valorem Volatility Reimbursement Fund to aid counties facing reductions in ad valorem tax collections due to valuation decreases. Counties can receive reimbursements equal to 25% of the reduction in collections for the first two years after the decrease. The fund prioritizes supplementing reductions in funds for school districts. The act also appropriates $2 million to the fund and declares an emergency, making it effective July 1, 2025.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.