Residential & Commercial Property

Residential and commercial real estate is required by Oklahoma State Statutes to be visually assessed by the County Assessor once every four years. On inspection of the property, all building features, components, and characteristics are identified and listed. Any changes in the property's physical attributes are to be noted and recorded in the Assessor's office. Oklahoma Statutes require the Assessor's Office to maintain all real estate values.

Cap Limit

A three or five percent cap of the taxable fair cash value is placed on the property's value if increased after a revaluation. However, if the title to the property is transferred, changed, or conveyed to another person, the cap limit is removed and the property value goes to the full actual fair cash value. The buying and selling of property by the general public establishes the value of property in the real estate market.

Basic Approaches

The County Assessor's office uses three basic approaches to value residential and commercial property:

  • Cost Approach - The cost of value of a new structure can be determined by using current labor and material prices. If the structure is not new, the Assessor's office determines how much it has depreciated since it was built. The value is then added to the estimated actual fair cash value of the land.
  • Income Approach - This method uses analysis of the income stream, operating expense, and vacancy rates of the market and the subject property to estimate a net operating income. The net income is capitalized with a market rate to estimate value.
  • Market Approach - Sales of similar properties by arms length transactions are reviewed and compared to the subject property in order to determine value.

Actual Fair Cash Value

The actual fair cash value information that is gathered, is then analyzed to determine how accurate and equitable they are. The property appraiser does not create the actual fair cash value. A comparison of assessments to sale prices is performed to determine ratios, which are then used to measure the levels and uniformity of assessments. Sales ration studies by neighborhood, type of property, and other characteristics are performed on a regular basis to assure uniformity of values.

Appeal

If the County Assessor's office determines that a property value has increased, a notice will be mailed to the person(s) listed on the deed for that property. If the taxpayer is in disagreement with the fair cash value of their home they must complete and file an informal protest form prescribed by the Oklahoma Tax Commission (OTC Form 974), which is available in the Assessor's office, within 30 calendar days from the date the notice is mailed.

The appeal should specify the reasons for the disagreement as well as the taxpayer's opinion of the property's actual fair cash value. The Assessor's office will then conduct an informal hearing considering all evidence presented and is required to take action within 5 working days. Notice of the action will be mailed to the taxpayer. Within 10 working days of the date notice is mailed, the taxpayer may file an appeal with County Board of Equalization.