HB3217 Summary

• Increases documentary stamp fee rate from $0.75 to $1.00 per $500 of real property consideration, effective July 1, 2016.

• Creates County Government Modernization Revolving Fund to receive 35% of documentary stamp revenues for county government education, training, software, and computer modernization.

• Transfers computer-assisted mass appraisal program responsibilities from Oklahoma Tax Commission to Oklahoma State University Center for Local Government Technology through contractual agreement.

• Requires advanced accreditation for county assessors to include five academic units instead of four, adding cadastral mapping as a required topic.

• Establishes $3 million maximum balance for reserve account within the fund, with excess revenues transferred to General Revenue Fund annually.