SB 1098 Oklahoma Senate · 2026 Regular Session

Ad valorem tax; defining terms; providing procedure to assess residential rental housing. Effective date.

SB 1098 amends Oklahoma's ad valorem tax code to define "residential rental housing" as single tax parcels containing multifamily buildings or two or more single-family rental homes. This definition directly affects county assessors who must apply it when valuing rental properties and rental property owners subject to property taxes. The bill's key mechanism establishes a clear classification for rental housing to ensure consistent assessment procedures under the tax code. It does not change tax rates but updates terminology and valuation processes for these properties.

Bill status in committee 1 of 4 stages cleared

Introduction

Feb 2025

Committee Review

Floor Vote

Governor

Introduced Feb 3, 2025 Last action Mar 5, 2025

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What changed between versions

Introduced → Floor (Senate) · 2 edits

MINOR

The bill was amended to add a new definition for 'Assessment roll' and to expand the definition of 'Cost approach' to include functional and economic obsolescence. These changes clarify how property values are calculated and recorded, ensuring the tax code accounts for different types of property value loss.

DEFINITION

Added a new definition for 'Assessment roll' to clarify that it is a record kept by the county assessor containing property information.

Expanded the definition of 'Cost approach' to explicitly include functional obsolescence (losses from changes in tastes or technology) and economic obsolescence (losses from external factors), replacing the previous narrower language.

Floor votes

How they voted

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 3, 2025

Upper · Passed

Reported Do Pass as amended Revenue and Taxation committee; CR filed

upper

Feb 3, 2025

Introduced

First Reading

upper

2 primary · 0 co-sponsors