The Assessor is responsible for placing a fair market value on property as of the tax date. Oklahoma property taxes are "ad valorem", a Latin term meaning "as to value". Property tax systems are based on market value of real, personal and public service properties. All property in the State of Oklahoma is taxable unless a federal or state law provides an exemption. Public service properties are centrally valued by the Oklahoma Tax Commission. County Assessors in Oklahoma are responsible for establishing values of all taxable property within a county. This value is converted into an assessment, which is one component in the computation of real property tax bills. The Assessor has no jurisdiction or responsibility for taxing jurisdiction budgets or establishing the tax rate.
No comments:
Post a Comment