§ 2802.1. Implementation of Oklahoma Constitution Article X, § 8B--Definitions--Promulgation of...
Oklahoma Statutes AnnotatedTitle 68. Revenue and Taxation
68 Okl.St.Ann. § 2802.1
§ 2802.1. Implementation of Oklahoma Constitution Article X, § 8B--Definitions--Promulgation of rules
3. “Improvement” means a valuable addition made to property amounting to more than normal repairs, replacement, maintenance or upkeep, but for purposes of Section 8B of Article X of the Oklahoma Constitution shall not mean any expenditure, whether or not pursuant to a policy of insurance, for the purpose of repairing damage to a residential or business structure caused by rain, strong winds, tornadic winds, hail, fire or any other natural disaster or other event causing damage and any such improvements made shall be disregarded for purposes of determining the maximum amount of fair cash value subject to ad valorem taxation pursuant to Section 8B of Article X of the Oklahoma Constitution unless the improvements increase the square footage in which case only additional square footage may be considered an “improvement”. If improvements constitute an increase in square footage, the county assessor shall determine the fair cash value of the additional square footage and shall separately determine the maximum fair cash value subject to ad valorem taxation for the square footage which is not part of the additional square footage amount and only in the amount authorized by Section 8B of Article X of the Oklahoma Constitution. Except with respect to the additional square footage, such improvements shall not allow any county assessor to increase the fair cash value of the applicable property by more than the percentage allowed by Section 8B of Article X of the Oklahoma Constitution for property upon which no improvements have been made; and
g. deeds made pursuant to mergers of partnerships, limited liability companies or corporations, or deeds pursuant to which property is transferred from a person to a partnership, limited liability company or corporation of which the transferor or the transferor's spouse, parent, child, or other person related within the second degree of consanguinity to the transferor, or trust for primary benefit of such persons, are the only owners of the partnership, limited liability company or corporation,
i. any deed executed pursuant to a foreclosure proceeding in which the grantee is the holder of a mortgage on the property being foreclosed, or any deed executed pursuant to a power of sale in which the grantee is the party exercising such power of sale or any deed executed in favor of the holder of a mortgage on the property in consideration for the release of the borrower from liability on the indebtedness secured by such mortgage except as to cash consideration paid.
Credits
Laws 1997, c. 304, § 3, emerg. eff. May 29, 1997; Laws 2002, c. 476, § 3, emerg. eff. June 6, 2002; Laws 2014, c. 388, § 1, emerg. eff. June 3, 2014.
68 Okl. St. Ann. § 2802.1, OK ST T. 68 § 2802.1
Current with emergency effective legislation through Chapter 378 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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