OK SB1098

Amends the Ad Valorem Tax Code to add "residential rental housing" as a sixth class of property subject to ad valorem taxation, defined as buildings constructed and used for multifamily housing or two or more single-family homes constructed for rental purposes.

Modifies Section 2817 to provide that newly constructed residential rental housing buildings shall be assessed at fair cash value of the land plus actual documented cost of improvements, rather than full fair market value, for up to one year after first appearing on tax rolls or until conveyed to a bona fide purchaser, whichever occurs first.

Renumbers existing definitions in the Ad Valorem Tax Code to accommodate the new "residential rental housing" classification, updating all affected section references throughout the code.

Effective date: November 1, 2025.