OK SB2018

Amends Oklahoma ad valorem tax statutes to add a new definition of "residential rental housing" as developments with at least 20 individual rental units or 20 rental housing structures, excluding properties receiving federal low-income housing tax credits under 26 U.S.C. Section 42

Requires that beginning January 1, 2027, residential rental housing must be valued exclusively using the cost approach method for the first two tax years or until the property is transferred, whichever occurs first

Makes technical corrections including changing "North American Industrial Industry Classification Systems" to "North American Industry Classification System (NAICS)" and updating references to Marshall and Swift cost manuals

Clarifies the definition of economic or external obsolescence in property valuation to remove redundant language regarding loss of value relative to replacement cost

Effective date is November 1, 2026