Okla. Stat. tit. 68, § 68-2817.1: Implementation of Oklahoma Constitution Article X,

Section 8B - Increasing taxable fair cash value of locally assessed

real property.

A. For purposes of implementing Section 8B of Article X of the

Oklahoma Constitution, the taxable fair cash value of locally

assessed real property shall not be automatically increased five

percent (5%) each year, the five-percent limitation on the increase

in the taxable fair cash value shall not be cumulative, and the

five-percent limitation shall not be considered as a twenty-percent

increase every four (4) years.

B. For purposes of implementing Section 8B of Article X of the

Oklahoma Constitution, improvements made to locally assessed real

property shall be assessed in accordance with law by the county

assessor based on the fair cash value of the improvement. The

assessed value of the improvement shall then be added to the

existing assessed value of the property, except as otherwise

provided in the Oklahoma Housing Reinvestment Program Act. The

existing property shall continue to be subject to the five-percent

limitation on the increase in valuation as set forth in Section 8B

of Article X of the Oklahoma Constitution. Except when title to the

property is transferred, changed, or conveyed to another person as

defined in Section 2802.1 of this title, and in accordance with

Legislative intent as set forth in subsection A of this section,

under no circumstances shall the taxable fair cash value of the

existing property increase by more than five percent (5%) in any

taxable year.