Okla. Admin. Code § 710:10-10-21

Current through Vol. 42, No. 8, January 2, 2025

Section 710:10-10-21 - Valuation methodology

(a) The information set out in this Section, related to valuation methodology and the valuation process, shall be listed in the visual inspection plan.

(b) The first phase of the valuation methodology shall be data analysis components. With the gathering of all physical data and an analysis of all market/economic data, an appraised value shall be calculated by computer-assisted mass appraisal system (C.A.M.A.) for each property. All three approaches shall be considered, depending upon the applicability of these approaches to specific properties or classes of property, including the sales comparison approach, cost approach, and the income approach. After choosing the best approach, the final valuation shall be carefully reviewed and field checked for accuracy. A check shall be made for any changes which have occurred to properties since the time of the original or last field inspection. In most cases, the sales approach shall receive the most attention.

(c) All taxable personal property, except intangible personal property, personal property exempt from ad valorem taxation, or household personal property, shall be listed and assessed each year at its fair cash value, estimated at the price it would bring at a fair voluntary sale, as of the first day of January. If any real property shall become taxable after January 1 of any year, the county assessor shall assess the same and place it on the tax rolls for the ensuing year, as required by 68 O.S.1991, §2817(A).

(d) Upon completion of the valuation process, the county shall be responsible for a careful review of the estimates for each appraised parcel. This review and inspection shall be conducted by members of the appraisal staff to identify any errors which may have occurred and to ensure the accuracy and quality of the data collected. The county shall consider the indicated value of the structure and indicated value of the land against sales information concerning comparable parcels. The reviewer shall ensure that each property has been valued in relation to other properties and in accordance with state statutes and shall be assessed for ad valorem taxation based upon the highest and best use for which such property was actually used. This shall be completed without delay before the change of value notification deadline.

Okla. Admin. Code § 710:10-10-21

Added at 14 Ok Reg 2670, eff 6-26-97