Oklahoma legislation · 2026 Regular Session
Oklahoma HB4305: Revenue and taxation; real property; terms; method; fair cash value; credits; rates; audit; effective date.
Status: In committee, April 22, 2026
What the bill says
An Act relating to ad valorem tax; defining terms; providing for application of act; prescribing valuation method for determining fair cash value of certain property; requiring the county assessor to determine certain process; requiring certain organizations to deliver certain audit by certain date; authorizing assessor to extend deadline; amending 68 O.S. 2021, Section 2887, as amended by Section 1, Chapter 260, O.S.L. 2023 (68 O.S. Supp. 2025, Section 2887), which relates to property exempt from ad valorem taxation…
From the engrossed text, April 21, 2026:
An Act relating to ad valorem tax; defining terms; providing for application of act; prescribing valuation method for determining fair cash value of certain property; requiring the county assessor to determine certain process; requiring certain organizations to deliver certain audit by certain date; authorizing assessor to extend deadline; amending 68 O.S. 2021, Section 2887, as amended by Section 1, Chapter 260, O.S.L. 2023 (68 O.S. Supp. 2025, Section 2887), which relates to property exempt from ad valorem taxation; prohibiting certain clause to be construed to prohibit certain compensation; updating statutory language; updating statutory references; providing for codification; and providing an effective date. BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA: SECTION 1. NEW LAW A new section of law to be codified in the Oklahoma Statutes as Section 2865.1 of Title 68, unless there is created a duplication in numbering, reads as follows: A. As used in this act: SENATE FLOOR VERSION - HB4305 SFLR Page (Bold face denotes Committee Amendments) 1. "Active construction" means any property that is being constructed or renovated that has yet to place in service all of its buildings; 2. "Audit" means an audit of the financial operations of the property provided by a third-party certified public accountant or financial statements certified by the organization to be true and accurate; 3. "Lease-up" …