Oklahoma § 68-3201 - Imposition of tax - Definitions

§ 68-3201. Imposition of tax - Definitions

A. A tax is hereby imposed on each deed, instrument, or writing

by which any lands, tenements, or other realty sold shall be

granted, assigned, transferred, or otherwise conveyed to or vested

in the purchaser or purchasers, or any other person or persons, by

his or their direction, when the consideration or value of the

interest or property conveyed, exclusive of the value of any lien or

encumbrance remaining thereon at the time of sale, exceeds One

Hundred Dollars ($100.00). The tax shall be prorated at the rate of

seventy-five cents ($0.75) for each Five Hundred Dollars ($500.00)

of the consideration or any fractional part thereof.

B. The tax is limited to conveyances of realty sold and does

not apply to other conveyances. The tax attaches at the time the

deed or other instrument of conveyance is executed and delivered to

the buyer, irrespective of the time when the sale is made.

C. As used in this section:

1. "Sold" means a transfer of an interest for a valuable

consideration, which may involve money or anything of value;

2. "Deed" means any instrument or writing whereby realty is

assigned, transferred, or otherwise conveyed to, or vested in, the

purchaser or, at his direction, any other person; and

3. "Consideration" means the actual pecuniary value exchanged

or paid or to be exchanged or paid in the future, exclusive of

interest, whether in money or otherwise, for the transfer or

conveyance of an interest of realty, including any assumed

indebtedness.

Added by Laws 1967, c. 259, § 1. Amended by Laws 1971, c. 315, § 1,

operative July 1, 1971; Laws 1978, c. 120, § 1; Laws 1983, c. 275, §

14, emerg. eff. June 24, 1983; Laws 1984, c. 195, § 7, eff. Jan. 1,

1985. Renumbered from § 5101 of this title by Laws 1988, c. 162, §

160, eff. Jan. 1, 1992. Amended by Laws 1991, c. 338, § 2, eff.

Jan. 1, 1992; Laws 2018, c. 260, § 3, eff. July 1, 2019.