Okla. Admin. Code § 710:10-7-5
Current through Vol. 42, No. 6, December 2, 2024
Section 710:10-7-5 - Date of qualification; application for exemption(a) The period of exemption granted to qualifying manufacturing concerns shall be computed from the assessment date immediately following the initial qualifying use of the property in the manufacturing process and subject to the statutory requirements for qualification in place at the time of the initial qualifying use. Applicants may claim any remaining eligibility not to exceed five years from the initial qualifying use.(b) When completion of a facility or facilities will occur after January 1 of a given year, a facility may apply to claim the ad valorem tax exemption for that year. If the facility is found to be qualified, the exemption shall be available for the entire year and shall apply to the ad valorem valuation as of January 1st of that given year.(c) Qualifying manufacturing concerns owning facilities engaged in manufacturing in Oklahoma on the first day of January may file an application for ad valorem manufacturing exemption on or before March 15, or as otherwise provided by law. Approved applications signed by the county assessor and the county board of equalization shall be filed by the county assessor with the Oklahoma Tax Commission no later than June 15 of the TAX YEAR in which the facility desires to take the exemption. Incomplete applications and applications filed after said date will be declared null and void by the Commission. [See: 68 O.S. § 2902(F); Article 10 § 22A Okla. Const.]Okla. Admin. Code § 710:10-7-5
Amended at 14 Ok Reg 2670, eff 6-26-97; Amended at 15 Ok Reg 3451, eff 7-11-98; Amended at 18 Ok Reg 2796, eff 6-25-01; Amended at 22 Ok Reg 1518, eff 6-11-05; Amended at 23 Ok Reg 2803, eff 6-25-06; Amended at 25 Ok Reg 2029, eff 7-1-08; Amended at 27 Ok Reg 2272, eff 7-11-10; Amended at 28 Ok Reg 931, eff 6-1-11; Amended at 29 Ok Reg 516, eff 5-11-12Amended by Oklahoma Register, Volume 34, Issue 24, September 1, 2017, eff. 9/11/2017