Oklahoma § 68-2940 - Property acquired for public purpose - Relief from taxes

§ 68-2940. Property acquired for public purpose - Relief from taxes

Whenever the United States, the state, or a city, town, county,

school district, or any other political subdivision, including, but

not limited to, a turnpike authority, municipal trust, water or

conservation district, flood control district, levee or waterway

improvement district, urban renewal authority, public housing

authority, or any other authority authorized by law, state or

federal, acquires title to any real property for a governmental

purpose between January 1 and October 1 of the tax year, such

property shall be relieved of ad valorem tax for the remaining

months of the year beginning with the first of the month next

succeeding the date its acquisition for public purposes becomes a

matter of public record, if the deed thereto was recorded prior to

October 1; provided, however, that all taxes assessed against such

property prior to its acquisition shall be paid in full and there be

paid a sum equal to one-twelfth (1/12) times the number of months

that the property remained in private ownership of an amount

estimated by the county treasurer of the county wherein the real

property lies to be substantially equal to the amount of tax which

would have been or will become due and payable for the year had the

real property not been acquired for public purposes. In estimating

the amount of taxes which would have been or will become due and

payable for the tax year had the real property not been acquired for

public purposes the county treasurer shall use as a basis the

current assessment and the tax rate for the preceding year, unless

the tax for the current year shall be by then determined and set, in

which event he shall use as basis the new assessment and rate. The

public agency acquiring the property shall deduct the amount of such

Oklahoma Statutes - Title 68. Revenue and Taxation

taxes from the purchase price payable to the private owner and remit

the same to the county treasurer in satisfaction of such taxes. The

county treasurer of any county is hereby authorized upon order of

the board of tax roll corrections to cancel of record all taxes

assessed against such property for the year of its acquisition when

the deed thereto was recorded prior to October 1 and the aforesaid

estimated amount of the tax for the months that the property was in

private ownership is paid, which order shall be issued upon

application of the acquiring authority.

Added by Laws 1988, c. 162, § 140, eff. Jan. 1, 1992.