Revenue and taxation; ad valorem; charitable institutions; effective date.

Summary

The bill revises Oklahoma’s list of properties that are exempt from ad valorem taxes, adding or clarifying exemptions for federal, state, local, school, college, library, museum, orphanage, religious and charitable institution properties. It also requires charitable institutions that own residential rental property to meet specific income, occupancy and reporting standards to keep the exemption. The changes are intended to limit tax‑exempt status to properties that truly serve public or nonprofit purposes.

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

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