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STATE OF OKLAHOMA
2nd Session of the 60th Legislature (2026)
HOUSE BILL 4485 By: Townley
AS INTRODUCED
An Act relating to revenue and taxation; mandating
the county assessor to use certain valuation method
for certain real property to determine the fair cash
value; prohibiting the county assessor from
considering the value or amount of any federal or
state low income housing tax credit when determining
fair cash value; requiring the county assessor to
establish a formal process; requiring owner of real
property to provide county assessor with written
notice of certain financing; 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. For purposes of ad valorem taxation, any real property that
is financed in whole or in part through allocation of the federal
low income housing tax credit authorized pursuant to Section 42 of
the Internal Revenue Code, 26 U.S.C. § 42, shall be valued for
assessment by the county assessor based upon the income-approach
method to determine the fair cash value of such property.
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B. In determining the fair cash value of property described in
subsection A of this act, the county assessor shall not consider the
value or amount of any federal or state low income housing tax
credits as a component of the fair cash value or income attributable
to the property.
C. The county assessor shall establish a formal process for
determining market-derived capitalization rates based on actual
project and investor data.
D. The owner of the real property described by subsection A
shall provide the county assessor with written notice of such
financing on or before January 1 of the first year in which the
property is subject to assessment following such allocation.
SECTION 2. This act shall become effective January 1, 2027.
60-2-15196 AO 01/07/26