FOR IMMEDIATE RELEASE

APRIL 20, 2020

FOR MORE INFORMATION CONTACT

Larry Stein
(405) 713-1201 work
(405) 361-9307 cell

Coronavirus and Property Values

The Assessor’s Office is extremely concerned about the impact of the Covid-19 Virus on values of all property types in Oklahoma County. Our staff will undertake a complete re-evaluation of ALL of the nearly 330,000 parcels of property in Oklahoma County’s 720 square miles this year to determine any impact on property values. The results of that evaluation could have ripple effects for years to come. Our staff will do everything we can to address those impacted and consider any changes of value for ALL property at the appropriate time. The statutes require on January 1, 2020 the values for ALL property are set for the year of 2019. Appeals for 2020 are based upon the market conditions up to December 31, 2019, long before the Covid-19 Virus impacted Oklahoma and The United States. The impact of the virus on property values in Oklahoma County will be evaluated as part of the decision-making process NEXT calendar year, as the law requires. My staff will do everything possible to take into consideration the impact of the Covid-19 Virus has had on the value of homes or businesses. We are hoping and praying for a tremendous economic recovery. Billions of dollars in federal help through loans/grants were made available to businesses. In addition, many businesses have insurance policies that protect them from lost revenue and actions beyond their control. Those funds and insurance protection may change the economic forecast and affect the property values in our county. The law requires we must wait and see. If you have any questions about the responsibilities and ways the assessor’s office can help you, please let me know.

Sincerely,

Larry Stein
Oklahoma County Assessor 

Oklahoma Statutes Citationized
 Title 68. Revenue and Taxation
 Chapter 1 - Tax Codes
 Article Article 28 - Ad Valorem Tax Code
 Section 2817 - Listing and Assessment of Taxable Personal Property and Real Property
Cite as: O.S. §, __ __

A. All taxable personal property, except intangible personal property, personal property exempt from ad valorem taxation, or household personal property, shall be listed and assessed each year at its fair cash value, estimated at the price it would bring at a fair
voluntary sale, as of January 1.

The fair cash value of household personal property shall be valued at ten percent (10%) of the appraised value of the improvement to the residential real property within which such personal property is located as of January 1 each year. The assessment of household personal property as provided by this section may be altered by the taxpayer listing such property at its actual fair cash value. For purposes of establishing the value of household personal property, pursuant to the requirement of Section 8 of Article X of the Oklahoma Constitution, the percentage of value prescribed by this section for the household personal property shall be presumed to constitute the fair cash value of the personal
property.

All unmanufactured farm products shall be assessed and valued as of the preceding May 31. Every person, firm, company, association, or corporation, in making the assessment, shall assess all unmanufactured farm products owned by the person, firm, company, association or corporation on the preceding May 31, at its fair cash value on that date instead of January 1.

Stocks of goods, wares and merchandise shall be assessed at the value of the average amount on hand during the preceding year, or the average amount on hand during the part of the preceding year the stock of goods, wares or merchandise was at its January 1 location. Provided, persons primarily engaged in selling lumber and other building materials, including cement and concrete, except for home centers classified under
Industry No. 444110 of the North American Industrial Classification Systems (NAICS) Manual, shall be assessed at the average value of the inventory on hand as of January 1 of each year and the value of the inventory on hand as of December 31 of the same year.

B. All taxable real property shall be assessed annually as of January 1, at its fair cash value, estimated at the price it would bring at a fair voluntary sale for:

1. The highest and best use for which the property was actually used during the preceding calendar year; or
2. The highest and best use for which the property was last classified for use if not actually used during the preceding calendar year