Okla. Stat. tit. 62, § 62-884: Ad valorem tax exemption - Effect on school state aid

Pursuant to the provisions of Section 6C of Article X of the

Oklahoma Constitution, a municipality or county may provide an

exemption from ad valorem taxes in a housing reinvestment district

pursuant to the provisions of this act. A school district or taxing

entity other than a municipality or county may provide an exemption

from ad valorem taxes in a housing reinvestment district pursuant to

the provisions of this act through a contractual arrangement with

the municipal or county governing body. The loss of revenue to a

school district from any such exemption from ad valorem taxes shall

be borne by the school district and such exempted revenue shall be

treated as being received by the school district for purposes of

computation of the school district’s state aid pursuant to the

provisions of Article 18 of Title 70 of the Oklahoma Statutes.