OK SB678

Creates the "Centrally Assessed Ad Valorem Volatility Reimbursement Fund" as a continuing revolving fund under the Oklahoma Tax Commission to reimburse counties and school districts for revenue losses from decreased valuation of centrally assessed property.

Counties qualify for reimbursement if they experience at least a 50% reduction in net assessed value from centrally assessed properties compared to the previous year and have a school district that realizes at least a 10% reduction in ad valorem tax revenues.

Qualifying counties receive 25% of the reduction in collections for the first two years after the valuation decrease, with second-year reimbursement calculated against the year immediately before the reduction triggered qualification.

Reimbursement funds prioritize school district revenue supplements first, with any remaining funds used to supplement county revenue losses.

Appropriates $2,000,000 to the fund from the General Revenue Fund for fiscal year ending June 30, 2024, with the act becoming effective July 1, 2025.