Terms & Definitions

Commonly Used Terms


Ad Valorem Taxation


A ccording to the value of the property.

Additional Homestead Exemption


If you are head of household and qualify for homestead exemption, you may also qualify for additional homestead. You may receive an additional $1,000 assessment exemption if the gross household income from all sources did not exceed $20,000 for the past calendar year. You may file for additional homestead between January 1 and March 15. There is a simple form on income that you will fill out as part of your application. If you are 65 or older as of March 15 of the filing period and presently qualify for additional homestead, you will not have to renew the additional homestead annually. However, it will be the responsibility of the taxpayer to notify the Assessor's office if your income exceeds $20,000.

Annual Abstract


A summary of assessed valuations on all taxable property within the county. Completed no later than June 15th or first working day thereafter.

Arbitrary Assessment


An assessment from the best information available in the absence of a return by the taxpayer. An arbitrary assessment must be protested within ten days of the date of the notice.

Assessed Value


The taxable value of real or personal property either of individual items of personal property or parcels of real property or the aggregate total of such individual taxable items or parcels within a jurisdiction.

Assessment Ratio


The assessment percentage applied to the market value of the property. Real property's assessment ratio is 11% and personal property is 13.75% of market value. (S.Q. 675 provides that the assessment ratio for REAL Property will not increase unless approved by a majority of the voters.)

Assessment Roll


A computerized or non-computerized record required by law to be kept by the county assessor and containing information about property within a taxing jurisdiction.

Assessment Year


The year beginning January 1 of each calendar year and ending on December 31 preceding the following January 1 assessment date.

Book Value


The original cost of the asset as carried in books of account less depreciation.

Coefficient of Dispersion (C.O.D.)


A statistical measure of assessment uniformity for a category of property or for all property within a taxing jurisdiction.

Cost


The total dollar expenditure for labor, materials, legal services, architectural design, financing, taxes during construction, interest, contractor's overhead and profit and entrepreneurial overhead and profit.

County Board of Equalization


The board which, upon hearing competent evidence, has the authority to correct and adjust the assessment rolls in its respective county to conform to fair cash value.

Documents


Sales and Non-sale documents or deeds:
Deed Type / Code Description
11
Veteran's exemption for farm
12
Double veteran's exemption for farm
13
Non Sale Document - Retain cap and exemptions (Typically Divorce Decrees and Correction Deeds)  
16
Non Sale Document - Retain cap and remove exemptions (Family transactions and Probated Estates)
3202
Non sale document from trust or individual to LLC (Limited use)  
DE
Sale Document - Remove cap and exemptions (Sale with Documentary Stamps between non family members)
DEMP
Multiple parcel sale document- Remove cap and exemptions (Sale document representing more than one account number)   
HIST DOC
Historical Document no longer used for assessment purposes (All types of documents)
MHHS
Manufactured Home Homestead
MHR
Manufactured Home Repossession
MHS
Manufactured Home Sale
MHT
Manufactured Home Title
MHT42
Manufactured Home Title 42
OT
Non Sale Document - Remove cap and exemptions (Transactions between non family members that lack Documentary Stamps)

Equalization


The process for making adjustments to taxable property values within a county by analyzing the relationships between assessed values and fair cash values in one or more use categories within the county or between counties by analyzing the relationship between assessed value and fair cash value in each county.

Fair Cash Value


The value or price at which a willing buyer would purchase property and a willing seller would sell property if both parties are knowledgeable about the property and its uses and if neither party is under any undue pressure to buy or sell and for real property shall mean the value for the highest and best use for which such property was actually used, or was previously classified for use.

Fire Protection District


Two districts (Hickory Hills and Deer Creek) were established by a petition of (25%) of title holders of the land, and approved by (3/5ths) of the qualified voters within the district. The Hickory Hills fire districts is allowed to levy an assessment of (7.53) mills (or $7.53 per 1000) on the dollar of assessed value of all the advalorem taxed property (Real, Personal, and Public Service) of the district. The Deer Creek fire district has a levy of 7.30 mills or $7.30 per 1,000 assessed. View the Fire Districts page to find more information and maps.

Foreclosure Sales


Are generally considered invalid as arm's-length transactions if they involve government agencies; charitable, religious, or educational institutions; financial institutions as buyer or seller; transactions between rela­tives or corporate affiliates; sales settling an estate; forced sales resulting from a judicial order; or sales of doubtful title.

A foreclosure sale usually does not have the same market value as an arm's-length sale in a healthy market. Compared to an arm's-length sale, a foreclosure has a number of hurdles that must be crossed before it can be considered a compa­rable. Foreclosures from Freddie Mac (Federal Home Loan Mortgage Corporation) are usually auctioned off, requiring a cashier's check for the entire price on the day of the auction. An arm's-length sale occurs when both parties act in their own best interest with no duress to complete the transac­tion. Typically, a foreclosure sale represents a wholesale or discounted price rather than a retail price.

Properties that have been foreclosed upon may also have the following issues: they frequently have deferred maintenance and are not staged, many times with abandoned belongings or trash from the previous occupant. Some may have debris scattered throughout the prop­erty, making it difficult to access all of the property. The utilities may not be turned on, making it difficult to determine what appliances or fixtures are working.

Homestead Exemption


The reduction in the taxable value of a homestead as authorized by law.

Increase Limitation


Limits increasing of fair cash value on real property for tax purposes by not more than 3% on Agricultural or Homestead properties or 5% on all other properties in any taxable year unless improvements have been made to the property or if title to the property has been transferred, changed or conveyed to another person. Market Price - is the amount actually paid or about to be paid in a particular transaction.

Market Value


Is an estimated sale price that would result from careful consideration of all information by a prudent, responsible buyer and seller under conditions of a fair sale (an arm's length sale).

"Market Value" is defined as the probable sale price of a property in terms of money in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgeably, allowing sufficient time for the sale, and assuming that the transaction is not affected by undue pressures.

Both economic and legal definitions of Market Value have been developed and refined. A current economic definition agreed upon by agencies that regulate federal financial institutions in the United States is: The most probable price (in terms of money) which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
  • The buyer and seller are typically motivated.
  • Both parties are well informed or well advised, and acting in what they consider their best interests.
  • A reasonable time is allowed for exposure in the open market.
  • Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto.
  • The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

Mill


Is one-thousandth of a dollar. For convenience in Oklahoma, a tax rate (the sum of all mills levied) is expressed as dollars per thousand dollars of assessed value. A Tax rate of 80 mills, for example, would be 80 tax dollars.

Neighborhood
The environment of a subject property that has a direct and immediate effect on value.

Notice Value / Date


This refers to the assessment notice that is typically mailed during the months of February, March and April to property owners concerning changes in the value of their property. It contains information such as the Current Market Value, Taxable Market Value (3%-5% limitation), Assessment Ratio, Gross Assessed Value as well as the date it was mailed. If property owners disagree with this change they must request an informal hearing with the Assessor's Office within the specified time frame regarding any change.

Parcel


A contiguous area of land described in a single description by a deed or other instrument or as one of a number of lots on a plat or plan, separately owned and capable of being separately conveyed.

Penalty


If any personal property is not listed by the person whose duty it is to list such property on or before March 15 on any year, when such property is assessed there shall be added to the assessed valuation of such property as a mandatory penalty, amounts as follows: 1) If listed or assessed after March 15, but on or before April 15, 10% of the assessed value. 2) If listed or assessed after April 15, 20% of the assessed value. If the county assessor fails, neglects, or refuses to add the valuation penalty, he shall be liable on his official bond for the amount of said penalties.

Property Status


The actual taxable status of the property.
  • Capped - Taxable value of the property is limited to increasing of fair cash value on real property for tax purposes by not more than 3% on Agricultural or Homesteaded properties or 5% on all others in any taxable year unless improvements have been made to the property or if title to the property has been transferred, changed or conveyed to another person.
  • Market - taxable value is the estimated sale price that would result from careful consideration of all information by a prudent, responsible buyer and seller under conditions of a fair sale (an arm's length sale).
  • Frozen - taxable value of the property is frozen at the current taxable value due to the owner being 65 or older and meeting the income limitations.

Revaluation


The Oklahoma Legislature established the revaluation program in 1969 (See O.S. 60 Statute 1481.1). This program was designed to be a revaluation of all taxable property. The County Assessor was given the task of maintaining an active and systematic program to be sure that all county property be appraised routinely in accordance with an approved schedule.

Senior Valuation Freeze


Provides for those who apply and qualify, the taxable market value will not increase on a homestead property owned by a person 65 years of age or older before January 1 and whose gross household income does not exceed $64,500 for the previous year unless the individual ceases to own or occupy the property, the income exceeds the limit, or if improvements have been made to the property. (S.Q. 677)

Situs


Where the property is physically located.

Sketch File Abbreviations


Listed below are the abbreviations used with the sketch drawing to identify the property.
  • CPY = Canopy (Commercial)
  • CT = Covered Patio
  • Gable = Carport attached to main within the same roof line
  • GBA = Gross Business Area (Commercial)
  • GLA = Gross Living Area (Residential)
  • NCA/NAV = Non Calculated Area (No Value Imps)
  • Open Slab = Patio attached to main
  • XC = added carport could be close to the main but doesn't share roof with the main
  • Utility Wood = Utility Rooms attached to main
  • Wood Roof = Porch attached to main (GLA) within the same roof line
  • Wood = Storage attached to main

Tax Roll


A listing of all taxable property in the county for a given year. Must be completed on or before of October 1st. This information is then provided to the Oklahoma County Treasurer which is used to create tax statements that are mailed annually.

Taxable Market Value


The market value to be used in computing the gross assessed value for this years taxes. (Note: Due to Constitutional Amendments (S.Q. 676) this value will not exceed a 5% increase over the previous year value unless improvements were made to the property, if title to the property is transferred, changed, or conveyed to another person, or if status for the senior valuation freeze has changed.) More information available on the Limitations page. In November of 2012 Oklahoman's overwhelmingly passed State Question 748. This State Question amended Article X § 8B of The State Constitution. This amendment extends additional tax savings to agricultural land and also to properties that qualify for homestead exemption. These two classifications of property now have a 3% limitation to increases in their fair cash value. Previously increases to these same property values were not to exceed 5%.

Visual Inspection


Beginning January 1, 1991, each County Assessor is required to maintain an active and systematic program of visual inspection. The County Assessor is further required to establish an inspection schedule which will result in the visual inspection of all taxable real property at least once each 4 years. A copy of this 4-year visual inspection plan is also to be submitted to the Oklahoma Tax Commission for approval. In addition to the 4-year inspection cycle, the Assessor must annually review the values of all county property. The values of each classification of property (Residential, Commercial/Industrial and Agricultural) must reflect the market as of January 1 of that year.