HB 2311 Summary

• Allows assets with construction or acquisition costs of $500 million or more located in a tax increment finance district to have fair cash value determined using actual costs incurred by the owner, rather than standard appraisal methods.

• Permits owners to provide documentation to county assessors to support fair cash value calculations based on direct and indirect costs, including land acquisition, architectural and engineering costs, and other owner expenses.

• Applies to assessment years beginning January 1, 2013 or later for assets located in districts created under the Local Development Act.

• Declares an emergency for immediate implementation and codifies the provision as Section 2817.4 of Title 68 of the Oklahoma Statutes.