Revenue and taxation; ad valorem; depreciation schedule; fair cash value; farm equipment and farm tractors; Oklahoma Tax Commission; effective date.

Summary

The bill directs county assessors to value farm tractors and other farm equipment by applying a 25% annual depreciation, reaching zero after four years. It applies to equipment used on farms or ranches owned, leased, or operated by the owner. The Oklahoma Tax Commission must issue rules and forms, and the law would take effect on January 1, 2027.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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