OK SB1253

Amends Oklahoma ad valorem tax definitions to clarify terminology, including redefining "assessed value" as the product of taxable fair cash value multiplied by the assessment ratio, and adding a new definition for "parcel"

Clarifies that limitations on annual increases in taxable fair cash value (3% for homestead/agricultural property, 5% for other property) are not cumulative and cannot be combined into a single larger percentage increase over multiple years

Requires county assessors to mail written notice to taxpayers when property valuations increase, including fair cash value, taxable fair cash value, assessed value, and assessment ratio for both current and preceding years

Establishes a 30-day protest period for taxpayers to challenge valuation increases, with informal hearings available in person or by telephone, and allows appeals to the county board of equalization within 10 working days of the assessor's written decision

Effective date: November 1, 2016