OK SB678

Creates the "Centrally Assessed Ad Valorem Volatility Reimbursement Fund" as a continuing revolving fund in the State Treasury administered by the Oklahoma Tax Commission

Counties qualify for reimbursement when centrally assessed property values drop at least 50% from the previous year and a school district within the county faces at least a 10% reduction in ad valorem tax revenues

Qualifying counties receive 25% of their lost tax collections for two years following the valuation reduction, with school district losses prioritized before county losses

County commissioners must submit reimbursement claims by December 1 following the qualifying valuation reduction; if total claims exceed fund balance, payments are reduced proportionally

Appropriates $2,000,000 from the General Revenue Fund to establish the fund, with an effective date of July 1, 2025