OK HB1291

Amends Oklahoma Statutes Section 2866 to require the Oklahoma Tax Commission to conduct and publish annual equalization ratio studies for both real property and personal property in each county.

Requires equalization ratio studies to express assessed value ratios as a median, use sample data tied to the applicable assessment date, employ sufficient sample sizes, select representative appraisals, maintain adequate sales files, and maintain a coefficient of dispersion value not exceeding 20 percent.

Mandates the Oklahoma Tax Commission provide a computer system to conduct ratio studies, monitor assessment performance in counties, and detect noncompliance with property valuation standards, while prohibiting remote monitoring or input into county assessor computers.

Becomes effective January 1, 2016.