HB 2140 Summary

• Amends the Ad Valorem Tax Code by updating definitions and renumbering definitional terms in Section 2802 to clarify property assessment terminology and standards.

• Expands property classifications in Section 2803 by adding "real property containing improvements constructed for the purposes of providing residential rental housing" as a new class of subjects for ad valorem taxation.

• Modifies valuation procedures in Section 2817 for newly constructed residential rental housing, capping initial assessed value at fair cash value of land plus actual documented cost of improvements for up to one year after first reflecting on tax rolls.

• Updates statutory references and language throughout the code to reference Section 22 of Article X of the Oklahoma Constitution (rather than "Article X") and corrects references to the "Assessor's Report to the Excise Board."

• Becomes effective November 1, 2025.