SB 1455 Summary

• Amends Oklahoma's ad valorem tax assessment law to specify valuation methodology for businesses primarily engaged in selling lumber and other building materials, including cement and concrete.

• Requires lumber and building materials dealers (excluding home centers classified as NAICS 444110) to be assessed based on average inventory values on January 1 and December 31 of each year, rather than average inventory during the preceding year.

• Maintains existing assessment standards for other property types including household personal property (10% of residential improvement value), unmanufactured farm products (as of May 31), and stocks of general merchandise (average amount on hand during preceding year).

• Effective January 1, 2017.