OK HB2140

Creates a new property classification for "residential rental housing" defined as developments with at least 60 individual rental units in multifamily buildings or at least 60 housing structures built for rental purposes

Establishes special valuation rules for residential rental housing buildings: initial assessed value cannot exceed the fair cash value of land plus actual documented construction costs

Limits the duration of the special valuation treatment to one year after the building first appears on tax rolls, or until the property is sold to a bona fide purchaser, whichever occurs first

Amends 68 O.S. 2021, Sections 2802, 2803, and 2817 of the Ad Valorem Tax Code to incorporate the new residential rental housing classification and valuation procedures

Effective date: November 1, 2025