{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2802","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2802","heading":"Definitions","body":"As used in Section 2801 et seq. of this title:\n\n1. \"Accepted standards for mass appraisal practice\" means those\n\nstandards for the collection and analysis of information about\n\ntaxable properties within a taxing jurisdiction permitting the\n\naccurate estimate of fair cash value for similar properties in the\n\njurisdiction either without direct observation of such similar\n\nproperties or without direct sales price information for such\n\nsimilar properties using a reliable statistical or other method to\n\nestimate the values of such properties;\n\n2. \"Additional homestead exemption\" means the exemption\n\nprovided by Section 2890 of this title;\n\n3. \"Assessor\" means the county assessor and, unless the context\n\nclearly requires otherwise, deputy assessors and persons employed by\n\nthe county assessor in performance of duties imposed by law;\n\n4. \"Assess and value\" means to establish the fair cash value\n\nand taxable fair cash value of taxable real and personal property\n\npursuant to requirements of law;\n\n5. \"Assessed valuation\" or \"assessed value\" means the\n\npercentage of the fair cash value of personal property, or the\n\npercentage of the taxable fair cash value of real property, pursuant\n\nto the provisions of Sections 8 and 8B of Article X of the Oklahoma\n\nConstitution, either of individual items of personal property,\n\nparcels of real property or the aggregate total of such individual\n\ntaxable items or parcels within a jurisdiction;\n\n6. \"Assessment percentage\" means the percentage applied to\n\npersonal property and real property pursuant to Section 8 of Article\n\nX of the Oklahoma Constitution;\n\n7. \"Assessment ratio\" means the relationship between assessed\n\nvalue and taxable fair cash value for a county or for use categories\n\nwithin a county expressed as a percentage determined in the annual\n\nequalization ratio study;\n\n8. \"Assessment roll\" means a computerized or noncomputerized\n\nrecord required by law to be kept by the county assessor and\n\ncontaining information about property within a taxing jurisdiction;\n\n9. \"Assessment year\" means the year beginning January 1 of each\n\ncalendar year and ending on December 31 preceding the following\n\nJanuary 1 assessment date;\n\n10. \"Circuit breaker\" means the form of property tax relief\n\nprovided by Sections 2904 through 2911 of this title;\n\n11. \"Class of subjects\" means a category of property\n\nspecifically designated pursuant to provisions of the Oklahoma\n\nConstitution for purposes of ad valorem taxation;\n\n12. \"Code\" means the Ad Valorem Tax Code, Section 2801 et seq.\n\nof this title;\n\n13. \"Coefficient of dispersion\" means a statistical measure of\n\nassessment uniformity for a category of property or for all property\n\nwithin a taxing jurisdiction;\n\n14. \"Confidence level\" means a statistical procedure for\n\ndetermining the degree of reliability for use in reporting the\n\nassessment ratio for a taxing jurisdiction;\n\n15. \"Cost approach\" means a method used to establish the fair\n\ncash value of property involving an estimate of current construction\n\ncost of improvements, subtracting accrued depreciation including any\n\nloss in value that may be caused by physical deterioration,\n\nfunctional obsolescence or economic obsolescence and adding the\n\nvalue of the land.\n\na. Physical deterioration is a cause of depreciation that\n\nis a loss in value due to ordinary wear and tear and\n\nthe forces of nature.\n\nb. Functional or internal obsolescence is the loss in\n\nvalue of a property resulting from changes in tastes,\n\npreferences, technical innovations or market\n\nstandards.\n\nc. Economic or external obsolescence is a cause of\n\ndepreciation that is a loss in value as a result of\n\nimpairment in utility and desirability caused by\n\nfactors outside the boundaries of the property or loss\n\nof value in a property (relative to the cost of\n\nreplacing it with a property of equal utility) that\nevenue and Taxation Page 1126\n\npreferences, technical innovations or market\n\nstandards.\n\nc. Economic or external obsolescence is a cause of\n\ndepreciation that is a loss in value as a result of\n\nimpairment in utility and desirability caused by\n\nfactors outside the boundaries of the property or loss\n\nof value in a property (relative to the cost of\n\nreplacing it with a property of equal utility) that\n\nstems from factors external to the property;\n\n16. \"County board of equalization\" means the board which, upon\n\nhearing competent evidence, has the authority to correct and adjust\n\nthe assessment rolls in its respective county to conform to fair\n\ncash value and such other responsibilities as prescribed in Section\n\n2801 et seq. of this title;\n\n17. \"Equalization\" means the process for making adjustments to\n\ntaxable property values within a county by analyzing the\n\nrelationships between assessed values and fair cash values in one or\n\nmore use categories within the county or between counties by\n\nanalyzing the relationship between assessed value and fair cash\n\nvalue in each county;\n\n18. \"Equalization ratio study\" means the analysis of the\n\nrelationships between assessed values and fair cash values in the\n\nmanner provided by law;\n\n19. \"Fair cash value\" or \"market value\" means the value or\n\nprice at which a willing buyer would purchase property and a willing\n\nseller would sell property if both parties are knowledgeable about\n\nthe property and its uses and if neither party is under any undue\n\npressure to buy or sell and for real property shall mean the value\n\nfor the highest and best use for which such property was actually\n\nused, or was previously classified for use, during the calendar year\n\nnext preceding the applicable January 1 assessment date;\n\n20. \"Homestead exemption\" means the reduction in the taxable\n\nvalue of a homestead as authorized by law;\n\n21. \"Income and expense approach\" means a method to estimate\n\nfair cash value of a property by determining the present value of\n\nthe projected income stream;\n\n22. \"List and assess\" means the process by which taxable\n\nproperty is discovered, its description recorded for purposes of ad\n\nvalorem taxation and its fair cash value and taxable fair cash value\n\nare established;\n\n23. \"Mill\" or \"millage\" means the rate of tax imposed upon\n\ntaxable value. One (1) mill equals One Dollar ($1.00) of tax for\n\neach One Thousand Dollars ($1,000.00) of taxable value;\n\n24. \"Multiple regression analysis\" means a statistical\n\ntechnique for estimating unknown data on the basis of known and\n\navailable data;\n\n25. \"Parcel\" means a contiguous area of land described in a\n\nsingle description by a deed or other instrument or as one of a\n\nnumber of lots on a plat or plan, separately owned and capable of\n\nbeing separately conveyed;\n\n26. \"Sales comparison approach\" means the collection,\n\nverification, and screening of sales data, stratification of sales\n\ninformation for purposes of comparison and use of such information\n\nto establish the fair cash value of taxable property;\n\n27. \"State Board of Equalization\" means the Board responsible\n\nfor valuation of railroad, airline and public service corporation\n\nproperty and the adjustment and equalization of all property values\n\nboth centrally and locally assessed;\n\n28. \"Taxable value\" means the percentage of the fair cash value\n\nof personal property or the taxable fair cash value of real\n\nproperty, less applicable exemptions, upon which an ad valorem tax\n\nrate is levied pursuant to the provisions of Section 8 and Section\n\n8B of Article X of the Oklahoma Constitution;\n\n29. \"Taxable fair cash value\" means the fair cash value of\n\nlocally assessed real property as capped pursuant to Section 8B of\n\nArticle X of the Oklahoma Constitution;\n\n30. \"Use category\" means a subcategory of real property, that\n\nis either agricultural use, residential use or commercial/industrial\npursuant to the provisions of Section 8 and Section\n\n8B of Article X of the Oklahoma Constitution;\n\n29. \"Taxable fair cash value\" means the fair cash value of\n\nlocally assessed real property as capped pursuant to Section 8B of\n\nArticle X of the Oklahoma Constitution;\n\n30. \"Use category\" means a subcategory of real property, that\n\nis either agricultural use, residential use or commercial/industrial\n\nuse but does not and shall not constitute a class of subjects within\n\nthe meaning of the Oklahoma Constitution for purposes of ad valorem\n\ntaxation;\n\n31. \"Use value\" means the basis for establishing fair cash\n\nvalue of real property pursuant to the requirement of Section 8 of\n\nArticle X of the Oklahoma Constitution; and\n\n32. \"Visual inspection program\" means the program required in\n\norder to gather data about real property from physical examination\n\nof the property and improvements in order to establish the fair cash\n\nvalues of properties so inspected at least once each four (4) years\n\nand the fair cash values of similar properties on an annual basis.","path":["OK Code","Title 68"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os68.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"3bf5b62397e9ff8c5d8435c3e57adb82235e7179811209ce172b18af1caa0b03","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2801","next":"us-ok/okla.-stat.-tit.-68-68-2802.1"},"notice":"GroundRules: Original legal text. Not legal advice."}