Oklahoma § 68-2821 - Physical inspection of real property - Type of

§ 68-2821. Physical inspection of real property - Type of

information to be gathered - Recording - Cadastral maps and parcel

identification system to be required and maintained - Comprehensive

sales file - Office equipment.

A. Each county assessor shall cause real property to be

physically inspected as part of the visual inspection cycle and

shall require such examination as will provide adequate data from

which to make accurate valuations.

B. The information gathered from the physical inspection shall

be relevant to the type of property involved, its use category, the

valuation methodology to be used for the property, whether the

methodology consists of the cost approach, an income and expense

approach or sales comparison approach, and shall be complete enough

in order to establish the fair cash value of the property in

accordance with accepted standards for mass appraisal practice.

Oklahoma Statutes - Title 68. Revenue and Taxation

C. Information gathered during the physical inspection shall be

recorded using a standard method as prescribed by the Oklahoma Tax

Commission in computerized or noncomputerized form. The information

may include property ownership, location, size, use, use category, a

physical description of the land and improvements or such other

information as may be required.

D. In order to conduct the visual inspections of real property

during the four-year cycle, each county assessor shall acquire and

maintain cadastral maps and a parcel identification system. The

standards for the cadastral maps and the parcel identification

system shall be uniform for each county of the state and shall be in

such form as developed by the Ad Valorem Task Force.

E. The county assessor shall maintain a comprehensive sales

file for each parcel of real property within the county containing

relevant property characteristics, sales price information,

adjustments to sales price for purposes of cash equivalency,

transaction terms and such other information as may be required in

order to establish the fair cash value of taxable real property.

Each county assessor shall ensure that the office is equipped

with adequate drafting facilities, tools, equipment and supplies in

order to produce or update maps, sketches or drawings necessary to

support the proper administration of the ad valorem tax and such

other tools or equipment as may be required to perform duties

imposed by law for the discovery and valuation of taxable property.

Added by Laws 1988, c. 162, § 21, eff. Jan. 1, 1992. Amended by Laws

1989, c. 321, § 9, operative Jan. 1, 1992; Laws 1991, c. 338, § 1,

eff. Jan. 1, 1992.