| 34 | 37 | | |
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| 35 | 38 | | |
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| 36 | 39 | | |
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| 37 | 40 | | |
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| 38 | 41 | | An Act relating to ad valorem tax; amending 68 O.S. |
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| 39 | 42 | | 2011, Section 2817, as last amended by Section 1 , |
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| 40 | 43 | | Chapter 176, O.S.L. 2016 (68 O.S. Supp. 2020, Section |
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| 41 | 44 | | 2817), which relates to valuation and assessment; |
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| 42 | 45 | | providing for depreciation of specified inventory of |
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| 43 | 46 | | persons engaged in selling building materials; and |
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| 44 | 47 | | providing an effective date . |
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| 45 | 48 | | |
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| 46 | 49 | | |
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| 47 | 50 | | |
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| 48 | 51 | | |
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| 49 | 52 | | |
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| 50 | 53 | | BE IT ENACTED BY THE PEOPLE OF TH E STATE OF OKLAHOMA: |
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| 51 | 54 | | SECTION 1. AMENDATORY 68 O.S. 2011, Section 2817, as |
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| 52 | 55 | | last amended by Section 1, Chapter 176, O.S.L. 2016 (68 O.S. Supp. |
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| 53 | 56 | | 2020, Section 2817), is amended to read as follows: |
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| 54 | 57 | | Section 2817. A. All taxable personal property, except |
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| 55 | 58 | | intangible personal property, personal property exempt from ad |
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| 56 | 59 | | valorem taxation, or household personal property, shall be listed |
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| 57 | 60 | | and assessed each year at its fair cas h value, estimated at the |
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| 58 | 61 | | price it would bring at a fair voluntary sale, as of January 1 . |
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| 59 | 62 | | The fair cash value of household personal property shall be |
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| 60 | 63 | | valued at ten percent (10%) of the appraised value of the |
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| 61 | 64 | | improvement to the residential real property wit hin which such |
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| 89 | 93 | | assessment of household personal property as provided by this |
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| 90 | 94 | | section may be altered by the taxpayer listing such property at its |
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| 91 | 95 | | actual fair cash value. For purposes of establish ing the value of |
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| 92 | 96 | | household personal prop erty, pursuant to the requirement of Section |
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| 93 | 97 | | 8 of Article X of the Oklahoma Constitution, the percentage of value |
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| 94 | 98 | | prescribed by this section for the household personal property shall |
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| 95 | 99 | | be presumed to constitute the fai r cash value of the personal |
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| 96 | 100 | | property. |
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| 97 | 101 | | All unmanufactured farm products shall be assesse d and valued as |
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| 98 | 102 | | of the preceding May 31. Every person, firm, company, association, |
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| 99 | 103 | | or corporation, in making the assessment, shall asse ss all |
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| 100 | 104 | | unmanufactured farm produ cts owned by the person, firm, company, |
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| 101 | 105 | | association or corporation on the preceding May 31, at its fair cash |
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| 102 | 106 | | value on that date instead of January 1. |
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| 103 | 107 | | Stocks of goods, wares and merchandise shall be assessed at the |
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| 104 | 108 | | value of the average amount on hand during the preceding year, or |
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| 105 | 109 | | the average amount on hand during the part of the preceding year the |
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| 106 | 110 | | stock of goods, wares or merchandise was at its January 1 location. |
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| 107 | 111 | | Provided, persons primarily engaged in selling lumber and othe r |
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| 108 | 112 | | building materials, including cement and concrete, except for home |
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| 109 | 113 | | centers classified under Industry No. 444110 of the North American |
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| 110 | 114 | | Industrial Classification Systems (NAICS) Manual, shall be assessed |
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| 111 | 115 | | at the average value of the inventory on hand as of January 1 of |
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| 139 | 144 | | of the same year; provided, if any inven tory on hand has been |
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| 140 | 145 | | assessed in the preceding calendar year, such inventory shall be |
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| 141 | 146 | | considered stagnant and the value of such inventory shall be |
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| 142 | 147 | | depreciated by twenty percent (20%) for purposes of the curr ent year |
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| 143 | 148 | | assessment. |
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| 144 | 149 | | B. All taxable real proper ty shall be assessed annually as of |
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| 145 | 150 | | January 1, at its fair cash value, estimated at the price it would |
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| 146 | 151 | | bring at a fair voluntary sa le for: |
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| 147 | 152 | | 1. The highest and best use for which the property was actually |
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| 148 | 153 | | used during the preceding calendar year; or |
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| 149 | 154 | | 2. The highest and best use for which the property was last |
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| 150 | 155 | | classified for use if not actually used during the preceding |
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| 151 | 156 | | calendar year. |
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| 152 | 157 | | When improvements upon residential real property are divided by |
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| 153 | 158 | | a taxing jurisdiction line, those improvements shall be valued and |
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| 154 | 159 | | assessed in the taxing jurisdiction in which the physical majority |
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| 155 | 160 | | of those improvements are located. |
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| 156 | 161 | | The Ad Valorem Division o f the Oklahoma Tax Commission shall b e |
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| 157 | 162 | | responsible for the promulgation of ru les which shall be followed by |
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| 158 | 163 | | each county assessor of the state, for the purposes of providing for |
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| 159 | 164 | | the equitable use valuation of locally assessed real property in |
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| 160 | 165 | | this state. Agricultural land and nonresidential i mprovements |
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| 161 | 166 | | necessary or convenient for agricultural purposes shall be assessed |
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| 189 | 195 | | which the property was actually used, or was previously classified |
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| 190 | 196 | | for use, during the calendar year next preced ing January 1 on which |
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| 191 | 197 | | the assessment is made. |
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| 192 | 198 | | C. The use value of agricultural land sh all be based on the |
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| 193 | 199 | | income capitalization approach using cash rent. The rental income |
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| 194 | 200 | | shall be calculated using the direct capital ization method based |
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| 195 | 201 | | upon factors including, but not limited to: |
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| 196 | 202 | | 1. Soil types, as depicted on soil maps published by the |
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| 197 | 203 | | Natural Resources Conservation Service of the United States |
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| 198 | 204 | | Department of Agriculture; |
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| 199 | 205 | | 2. Soil productivity indices approved by the Ad Valorem |
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| 200 | 206 | | Division of the Tax Commis sion; |
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| 201 | 207 | | 3. The specific agricultural purp ose of the soil based on use |
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| 202 | 208 | | categories approved by the Ad Valorem Division of the Tax |
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| 203 | 209 | | Commission; and |
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| 204 | 210 | | 4. A capitalization rate to be determined annually by the Ad |
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| 205 | 211 | | Valorem Division of the Tax Commission based on the sum of the |
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| 206 | 212 | | average first mortgage inter est rate charged by the Federal Land |
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| 207 | 213 | | Bank for the immediately preceding five (5) years, weighted with the |
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| 208 | 214 | | prevailing rate or rates for additional loans or equity, and the |
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| 209 | 215 | | effective tax rate. |
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| 210 | 216 | | The final use value will be calculated using the soil |
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| 211 | 217 | | productivity indices and the agricultural use classificatio n as |
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| 239 | 246 | | This subsection shall not be construed in a manner which is |
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| 240 | 247 | | inconsistent with the duties, powers and authority of the Board as |
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| 241 | 248 | | to valuation of the counties as fixed and defined by Secti on 21 of |
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| 242 | 249 | | Article X of the Oklahoma Constitution. |
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| 243 | 250 | | However, in calculating the use value of buffer strips as |
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| 244 | 251 | | defined in Section 2817. 2 of this title, exclusive considerat ion |
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| 245 | 252 | | shall be based only on income from p roduction agriculture from such |
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| 246 | 253 | | buffer strips, not including federal or state subsidies, when valued |
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| 247 | 254 | | as required by subsection C of Section 2817.2 of this title. |
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| 248 | 255 | | D. The use value of nonresidential improvements on ag ricultural |
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| 249 | 256 | | land shall be based on the co st approach to value estimation using |
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| 250 | 257 | | currently updated cost manuals published by the Marshall and Swift |
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| 251 | 258 | | Company or similar cost manuals approved by the Ad Valorem Division |
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| 252 | 259 | | of the Tax Commission. The use value estim ates for the |
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| 253 | 260 | | nonresidential improvements shall take obsolescence and depreciation |
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| 254 | 261 | | into consideration in addition to necessary adjustments for local |
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| 255 | 262 | | variations in the cost of labor and materials. This section shall |
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| 256 | 263 | | not be construed in a manner which is inc onsistent with the duties, |
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| 257 | 264 | | powers and authority of the Board as to equalization of valua tion of |
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| 258 | 265 | | the counties as determined and defined by Section 21 of Article X of |
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| 259 | 266 | | the Oklahoma Constitution. |
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| 260 | 267 | | The use value of facilities used for poultry production shall be |
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| 261 | 268 | | determined according to the following p rocedures: |
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| 287 | 295 | | |
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| 288 | 296 | | 1. The Ad Valorem Division of the Ta x Commission is hereby |
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| 289 | 297 | | directed to develop a standard system of valuation of both real and |
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| 290 | 298 | | personal property of such facilities, wh ich shall be used by all |
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| 291 | 299 | | county assessors in this state, under which valuatio n based on the |
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| 292 | 300 | | following shall be presumed to be the fair cash value of the |
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| 293 | 301 | | property: |
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| 294 | 302 | | a. for real property, a ten -year depreciation schedule, |
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| 295 | 303 | | at the end of which the residual valu e is twenty |
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| 296 | 304 | | percent (20%) of the valu e of the facility during its |
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| 297 | 305 | | first year of operation, and |
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| 298 | 306 | | b. for personal property, a fi ve-year depreciation |
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| 299 | 307 | | schedule, at the end of which the residual value is |
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| 300 | 308 | | zero; |
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| 301 | 309 | | 2. Such facilities shall be valued only in comparis on to other |
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| 302 | 310 | | facilities used exclusive ly for poultry production. Such a facil ity |
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| 303 | 311 | | which is no longer used for poultry producti on shall be deemed to |
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| 304 | 312 | | have no productive use; |
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| 305 | 313 | | 3. During the first year such a facility is placed on the tax |
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| 306 | 314 | | rolls, its fair cash v alue shall be presumed to be the less er of the |
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| 307 | 315 | | actual purchase price or the a ctual documented cost of construction; |
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| 308 | 316 | | and |
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| 309 | 317 | | 4. For the purpose of determining the valuation of |
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| 310 | 318 | | nonresidential improvements used for poultry production, the |
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| 336 | 345 | | |
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| 337 | 346 | | provisions of this subs ection shall be applicable and such |
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| 338 | 347 | | improvements shall not be considered to b e commercial property. |
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| 339 | 348 | | E. The value of investme nt in property used exclusively by an |
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| 340 | 349 | | oil refinery that is used wholly as a facility, device or method for |
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| 341 | 350 | | the desulphurization of gasoline or diesel fuel as defined in |
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| 342 | 351 | | Section 2817.3 of this title shall not be included in the |
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| 343 | 352 | | capitalization used in the de termination of fair market value of |
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| 344 | 353 | | such oil refinery if such property would qualify as exempt property |
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| 345 | 354 | | pursuant to Section 2902 of this title, whether or not an |
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| 346 | 355 | | application for such exemption is made by an o therwise qualifying |
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| 347 | 356 | | manufacturing concern owning the property described by Section |
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| 348 | 357 | | 2817.3 of this title. |
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| 349 | 358 | | F. The use value of a lot in any platted addition or a |
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| 350 | 359 | | subdivision in a city, town or county zoned for residen tial, |
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| 351 | 360 | | commercial, industrial or other us e shall be deemed to be the fair |
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| 352 | 361 | | cash value of the underlying tract of land platted, divided by the |
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| 353 | 362 | | number of lots contained in the platted addition or subdivision |
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| 354 | 363 | | until the lot shall have been conveyed to a bona fid e purchaser or |
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| 355 | 364 | | the lot with building or buildings located thereon shall have been |
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| 356 | 365 | | occupied other than as a sales office by the owner thereof, or shall |
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| 357 | 366 | | have been leased, whichever event shall first occur. One who |
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| 358 | 367 | | purchases a lot for the purposes of constru cting and selling a |
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| 359 | 368 | | building on such lot shall not be deemed to be a bona fide purchaser |
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| 360 | 369 | | for purposes of this section. However, if the lot is held for a |
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| 361 | 370 | | |
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| 386 | 396 | | |
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| 387 | 397 | | period longer than two (2) years before construction, then the |
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| 388 | 398 | | assessor may consider the lot to have b een conveyed to a bona fide |
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| 389 | 399 | | purchaser. The cost of any land or improvements to any real |
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| 390 | 400 | | property required to be dedicated to public use , including, but not |
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| 391 | 401 | | limited to, streets, curbs, gutters, sidewalks, storm or sanit ary |
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| 392 | 402 | | sewers, utilities, detention or r etention ponds, easements, parks or |
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| 393 | 403 | | reserves shall not be utilized by the county assesso r in the |
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| 394 | 404 | | valuation of any real property for assessment purposes. |
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| 395 | 405 | | G. The transfer of real property without a change in its use |
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| 396 | 406 | | classification shall not require a reasse ssment thereof based |
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| 397 | 407 | | exclusively upon the sale value of the property. However, if the |
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| 398 | 408 | | county assessor determines: |
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| 399 | 409 | | 1. That by reason of the transfer of a property there is a |
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| 400 | 410 | | change in the actual use or classification o f the property; or |
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| 401 | 411 | | 2. That by reason of the amount of the sales consideratio n it |
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| 402 | 412 | | is obvious that the use classification prio r to the transfer of the |
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| 403 | 413 | | property is not commensurate with and would not justify the amount |
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| 404 | 414 | | of the sales consideration of the prope rty; |
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| 405 | 415 | | then the assessor shall, in eith er event, reassess the property for |
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| 406 | 416 | | the new use classification for which the property is being used, or, |
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| 407 | 417 | | the highest and best use classification for which the property may, |
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| 408 | 418 | | by reason of the transfer, be classified for u se. |
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| 409 | 419 | | H. When the term "fair cash value" or the language "fair cash |
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| 410 | 420 | | value, estimated at the price it would bring at a fair vol untary |
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| 436 | 447 | | |
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| 437 | 448 | | sale" is used in the Ad Valorem Tax Code, in connection with and in |
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| 438 | 449 | | relation to the assessment of real property, it is defin ed to mean |
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| 439 | 450 | | and shall be given the mea ning ascribed and assigned to it in this |
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| 440 | 451 | | section and when the term or language is used i n the Code in |
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| 441 | 452 | | connection with the assessment of personal property it shall be |
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| 442 | 453 | | given its ordinary or literal meaning. |
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| 443 | 454 | | I. Where any real property is zoned for a use by a proper |
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| 444 | 455 | | zoning authority, and the use of the property has not been changed, |
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| 445 | 456 | | the use and not zoning shall determine assessment. Any reassessment |
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| 446 | 457 | | required shall be effective January 1 following the change in use. |
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| 447 | 458 | | Taxable real property need not be listed an nually with the county |
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| 448 | 459 | | assessor. |
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| 449 | 460 | | J. If any real property shall become taxable after Jan uary 1 of |
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| 450 | 461 | | any year, the county assessor shall assess the same and place it |
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| 451 | 462 | | upon the tax rolls for the next ensuing year. When any building is |
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| 452 | 463 | | constructed upon land aft er January 1 of any year, the value of t he |
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| 453 | 464 | | building shall be added by the county assesso r to the assessed |
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| 454 | 465 | | valuation of the land upon which the building is constructed at the |
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| 455 | 466 | | fair cash value thereof for the next ensuing year. However, after |
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| 456 | 467 | | the building has been completed it shall be deemed to h ave a value |
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| 457 | 468 | | for assessment purposes of the fair cash value of the materials used |
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| 458 | 469 | | in such building only, until the building and the land on which the |
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| 459 | 470 | | building is located shall have been conveyed to a bona fide |
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| 460 | 471 | | purchaser or shall have been occupied or used f or any purpose other |
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| 486 | 498 | | |
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| 487 | 499 | | than as a sales office by t he owner thereof, or shall have been |
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| 488 | 500 | | leased, whichever event shall first occur. The county assessor |
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| 489 | 501 | | shall continue to assess the b uilding based upon the fair market |
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| 490 | 502 | | value of the materials used therein until the building and land upon |
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| 491 | 503 | | which the building is located shall have been conveyed to a bona |
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| 492 | 504 | | fide purchaser or is occupied or used for any purpose other than as |
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| 493 | 505 | | a sales office by the owner thereof, or is leased, which ever event |
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| 494 | 506 | | shall first occur. |
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| 495 | 507 | | K. In the event improvements on land or personal property |
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| 496 | 508 | | located therein or thereon are destroyed or partially destroyed, or |
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| 497 | 509 | | the land itself is impaired or partially impaired by fire, |
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| 498 | 510 | | lightning, storm, winds, floodwaters, ov erflow of streams or other |
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| 499 | 511 | | cause (all such destruction or impairments being referred to herein |
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| 500 | 512 | | as "damage") during any year, the county assessor shall determine |
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| 501 | 513 | | the amount of damage and shall reassess the property for t hat year |
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| 502 | 514 | | at the fair cash value of th e property, taking into account the |
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| 503 | 515 | | actual loss of functional use of the property occasi oned by such |
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| 504 | 516 | | damage. The assessor shall make the appropriate value adjustments |
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| 505 | 517 | | to the property for that tax year up to the time at which the |
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| 506 | 518 | | assessor publishes the "Assessor's Report to the Excise Board " as |
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| 507 | 519 | | required by subsection D of Section 2867 of this title. After such |
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| 508 | 520 | | time, adjustments can be made only by the county board of tax roll |
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| 509 | 521 | | corrections and only after the assessor has certified the tax roll |
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| 510 | 522 | | for that year. The board secretary shall notify prope rty owners in |
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| 536 | 549 | | |
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| 537 | 550 | | advance of the time and place at w hich the value adjustment to their |
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| 538 | 551 | | property will be heard by the board. The board of tax roll |
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| 539 | 552 | | corrections is authorized only to ap prove or reject the value |
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| 540 | 553 | | adjustment submitted by the county assessor. |
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| 541 | 554 | | L. All taxable personal property used in the explorat ion of |
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| 542 | 555 | | oil, natural gas, or other minerals , including drilling equipment |
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| 543 | 556 | | and rigs, shall be assessed annually at the value set fort h in the |
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| 544 | 557 | | first Hadco International mo nthly bulletin published for the tax |
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| 545 | 558 | | year, using the appropriate depth rating assigned t o the drawworks |
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| 546 | 559 | | by its manufacturer and the actual condition of the rig. |
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| 547 | 560 | | M. The value of taxable tangible personal property used i n |
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| 548 | 561 | | commercial disposal systems of wast e materials from the production |
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| 549 | 562 | | of oil and gas shall not include any contract rights or leases for |
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| 550 | 563 | | the use of such systems nor any value associated with the wellbore |
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| 551 | 564 | | or non-recoverable down-hole material, including casing. |
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| 552 | 565 | | SECTION 2. This act shall become effective November 1, 2021. |
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