§ 38-123. Apportionment of millage
Oklahoma Statutes AnnotatedTitle 11. Cities and Towns
11 Okl.St.Ann. § 38-123
§ 38-123. Apportionment of millage
For every year in which tax increment allocations are used by a city or an Urban Renewal Authority, the county excise board shall apportion to the city in which such tax increment allocation district is located, a part of the millage authorized by subsection (a) of Section 9 of Article X of the Oklahoma Constitution. The procedure for apportioning such millage shall be as follows:
1. Upon notice of such use by the city, the county assessor shall reassess the amount of increase from the base year net assessed valuation of real property within a tax increment allocation district and shall certify such amount to the county clerk and the county excise board before July 1 of each year. Such amount, to the extent not already included, shall be added to the net assessed valuation of the tax increment allocation district and the total shall be referred to as the current year net assessed valuation;
The result represents the amount of millage to be apportioned by the county excise board to the city in which the tax increment allocation district is located;
3. The county excise board shall then apportion such amount to the city, for use for urban renewal and urban redevelopment purposes, in accordance with Section 2495 of Title 68 of the Oklahoma Statutes, provided that in no event shall the apportionment authorized by this section exceed one-half ( ½ ) mill; and
Credits
Laws 1983, c. 310, § 6, eff. Nov. 1, 1983.
11 Okl. St. Ann. § 38-123, OK ST T. 11 § 38-123
Current with legislation of the First Regular Session of the 59th Legislature (2023) and the First Extraordinary Session of the 59th Legislature (2023). Some sections may be more current, see credits for details.
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