Shown verbatim: the complete text as captured from the official PDF posted by the Oklahoma Legislature, fetched 2026-07-23. Page and line markers are part of the official record; nothing is edited or removed. The official bill page.
1 STATE OF OKLAHOMA
2 2nd Session of the 60th Legislature (2026)
3 HOUSE BILL 4485 By: Townley
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6 AS INTRODUCED
7 An Act relating to revenue and taxation; mandating
the county assessor to use certain valuation method
8 for certain real property to determine the fair cash
value; prohibiting the county assessor from
9 considering the value or amount of any federal or
state low income housing tax credit when determining
10 fair cash value; requiring the county assessor to
establish a formal process; requiring owner of real
11 property to provide county assessor with written
notice of certain financing; providing for
12 codification; and providing an effective date.
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15 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
16 SECTION 1. NEW LAW A new section of law to be codified
17 in the Oklahoma Statutes as Section 2865.1 of Title 68, unless there
18 is created a duplication in numbering, reads as follows:
19 A. For purposes of ad valorem taxation, any real property that
20 is financed in whole or in part through allocation of the federal
21 low income housing tax credit authorized pursuant to Section 42 of
22 the Internal Revenue Code, 26 U.S.C. � 42, shall be valued for
23 assessment by the county assessor based upon the income-approach
24 method to determine the fair cash value of such property.
Req. No. 15196 Page 1
1 B. In determining the fair cash value of property described in
2 subsection A of this act, the county assessor shall not consider the
3 value or amount of any federal or state low income housing tax
4 credits as a component of the fair cash value or income attributable
5 to the property.
6 C. The county assessor shall establish a formal process for
7 determining market-derived capitalization rates based on actual
8 project and investor data.
9 D. The owner of the real property described by subsection A
10 shall provide the county assessor with written notice of such
11 financing on or before January 1 of the first year in which the
12 property is subject to assessment following such allocation.
13 SECTION 2. This act shall become effective January 1, 2027.
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15 60-2-15196 AO 01/07/26
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Req. No. 15196 Page 2Every fact on this page links to its source, starting with the official bill record.