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
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2 1st Session of the 60th Legislature (2025)
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3 SENATE BILL 678 By: Pederson
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6 AS INTRODUCED
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7 An Act relating to ad valorem tax collections;
7 creating the Centrally Assessed Ad Valorem Volatility
8 Reimbursement Fund; providing sources of funds;
8 providing for expenditures to reimburse counties for
9 certain reductions in ad valorem tax collections;
9 prescribing qualifications; prescribing procedures
10 for reimbursement; limiting reimbursement; providing
10 for reduction of reimbursements if claims exceed the
11 balance of the fund; making an appropriation;
11 providing for codification; providing an effective
12 date; and declaring an emergency.
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15 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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16 SECTION 1. NEW LAW A new section of law to be codified
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17 in the Oklahoma Statutes as Section 193a of Title 62, unless there
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18 is created a duplication in numbering, reads as follows:
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19 A. There is hereby created in the State Treasury a revolving
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20 fund for the Oklahoma Tax Commission to be designated the "Centrally
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21 Assessed Ad Valorem Volatility Reimbursement Fund". The fund shall
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22 be a continuing fund, not subject to fiscal year limitations, and
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23 shall consist of all monies appropriated to the Tax Commission that
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24 are designated for deposit in the fund. Monies appropriated to this
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Req. No. 205 Page 1
1 fund shall be expended to reimburse counties for school district and
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2 county purposes for loss of revenue due to decreased valuation and
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3 assessment of centrally assessed property.
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4 B. To qualify for reimbursement pursuant to subsection A of
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5 this section, the county shall have a year-over-year reduction of ad
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6 valorem collections from centrally assessed properties totaling at
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7 least Two Hundred Fifty Thousand Dollars ($250,000.00) that related
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8 to the decrease in valuation.
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9 C. Counties qualifying for reimbursement provided by this
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10 section shall receive an amount equal to twenty-five percent (25%)
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11 of the reduction of collections for the first two (2) years after
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12 the reduction in valuation; provided, that the reimbursement in the
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13 second year shall be twenty-five percent (25%) of the reduction of
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14 ad valorem collections in the second year compared to the immediate
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15 year before the reduction in valuation that triggered the
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16 qualification for reimbursement.
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17 D. Reimbursement funds shall first be used to supplement the
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18 reduction of funds to school districts due to a decrease in
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19 valuation of centrally assessed properties. Any funds remaining
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20 after supplementing the reduction in funds for school districts
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21 shall be used to supplement the reduction in funds for counties.
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22 E. The county commissioners of each county seeking
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23 reimbursement for lost revenue from the Centrally Assessed Ad
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24 Valorem Volatility Reimbursement Fund shall make claims for
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Req. No. 205 Page 2
1 reimbursement on forms prescribed by the Tax Commission no later
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2 than June 30 of each year following the reduction in valuation that
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3 triggered the qualification for reimbursement.
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4 F. Total claims approved for reimbursement shall not exceed the
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5 balance of the fund. If total claims exceed the balance of the
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6 fund, each claim shall be reduced by a percentage which establishes
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7 the proportionate share of total claims for the tax year so that the
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8 total claims authorized by this section do not exceed the balance of
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9 the fund.
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10 SECTION 2. There is hereby appropriated to the Oklahoma Tax
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11 Commission for deposit in the Centrally Assessed Ad Valorem
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12 Volatility Reimbursement Fund, from any monies not otherwise
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13 appropriated from the General Revenue Fund of the State Treasury for
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14 the fiscal year ending June 30, 2024, the sum of Two Million Dollars
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15 ($2,000,000.00).
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16 SECTION 3. This act shall become effective July 1, 2025.
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17 SECTION 4. It being immediately necessary for the preservation
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18 of the public peace, health or safety, an emergency is hereby
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19 declared to exist, by reason whereof this act shall take effect and
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20 be in full force from and after its passage and approval.
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22 60-1-205 QD 1/19/2025 5:41:12 AM
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Req. No. 205 Page 3Every fact on this page links to its source, starting with the official bill record.