OK HB4305

Establishes a restricted rent income approach for county assessors to determine fair cash value of low-income housing tax credit (LIHTC) properties financed under IRC Section 42

Applies to rental properties for low-to-moderate income individuals that are subject to active land use or regulatory agreements and do not receive other tax exemptions

Requires fair cash value calculations to use net operating income (gross restricted rent minus operating expenses and reserves) rather than market-rate rents or tax credit values

Property owners must submit annual financial audits to county assessors by May 1 each year, with extensions available for good cause

Effective date is January 1, 2027