OK HB3188

Amends 68 O.S. 2011, Section 2802.1 to implement Section 8B of Article X of the Oklahoma Constitution regarding property valuation limitations.

Exempts repairs to residential or business structures damaged by rain, strong winds, tornadic winds, hail, fire, or other natural disasters from being considered "improvements" that trigger property value reassessment.

If disaster repairs increase square footage, only the additional square footage may be assessed as an improvement; the remainder of the property is subject only to the percentage increase limits under Section 8B of the Oklahoma Constitution.

County assessors must separately determine fair cash value for additional square footage versus existing square footage when disaster-related improvements increase the property's size.

Declares an emergency, making the act effective immediately upon passage and approval.