|Leonard Sullivan-Oklahoma County Assessor, 320 Robert S. Kerr #313, Oklahoma City, OK 73102|
Oklahoma County Assessor
The assessment process plays an important role in
local government. Equitable assessments assure property owners that they are asked to pay
only their fair share of the cost of operating libraries, schools, police protection and
other necessary services.
Oklahoma statutes require the County Assessors office to maintain all real estate values and to physically inspect each parcel at least once every four years. Staff appraisers visit the properties and note any changes in the physical attributes. This information is stored by the assessor, updated and maintained for current and future use in the assessment process.
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:
Foreclosure Sales - are generally considered invalid as armís-length transactions if they involve government agencies; charitable, religious, or educational institutions; financial institutions as buyer or seller; transactions between rela≠tives 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 armís-length sale in a healthy market. Compared to an armís-length sale, a foreclosure has a number of hurdles that must be crossed before it can be considered a compa≠rable. Foreclosures from Freddie Mac (Federal Home Loan Mortgage Corporation) are usually auctioned off, requiring a cashierís check for the entire price on the day of the auction. An armís-length sale occurs when both parties act in their own best interest with no duress to complete the transac≠tion. Typically, a foreclosure sale represents a wholesale or discounted price rather than a retail price.
B. For purposes of this section "accepted mass appraisal methodology" shall mean the process for making estimates of fair cash value for a property about which no direct or timely information is available concerning economic value by using known information about the property characteristics, location, use, size, sales price and other information of similar properties. Such mass appraisal methodology may include multiple regression analysis or other statistical techniques for mass appraisal. If information of similar properties is not available in the taxing jurisdiction, the county assessor may use other applicable regional or national information to annually determine the fair cash value of a property estimated at the price it would bring at a fair voluntary sale as provided in Section 17 of this act.
C. Each county assessor shall utilize the information gathered from the visual inspection of real property conducted during each year of the four-year cycle for such inspections and shall conduct such statistical calculations using the data so acquired together with sales price or other information available as may be required to make accurate estimates of fair cash values for all taxable real or personal property within the county each year. The results of such calculations shall be recorded on the assessment roll of the county on an annual basis in order to reflect any increase or decrease in the fair cash value of any property in any year.
D. The statistical analysis
required by this section shall be performed within each county using
such computer facilities as may be available, but shall be conducted in
accordance with procedures established for the uniform mass appraisal
program established by the Oklahoma Tax Commission.
Analysis of Market Values
A comparison of assessments to sales prices is
performed to determine ratios, which are then used to measure the levels and uniformity of
assessments. Sales ratio studies by neighborhood, type of property and other
characteristics are performed on a regular basis to assure uniformity of values.
You may appeal your valuation within thirty (30) calendar days from the mailing date shown on the notice of valuation (NOV). You may appeal in person at 320 Robert S. Kerr, 4th Floor Room 417, Monday through Friday between 8 a.m. and 4:45 p.m. and an informal hearing will be held at that time OR you may make a WRITTEN request for a telephonic informal hearing by sending a letter, fax, or email with supporting documentation challenging the valuation. Requests for telephonic hearings must include owner name, account number(s), legal description(s) and daytime phone number.
A taxpayer may file a complaint if the valuation of property has not increased or decreased from the previous year if the complaint is filed on or before the first Monday in May. Such complaint shall be made upon a form prescribed by the Oklahoma Tax Commission.
The Assessors staff will conduct an informal hearing considering all evidence presented. Final action, concerning the informal appeal, will be taken within five (5) working days of the informal hearing. Notice of this action will be mailed to taxpayer.
Within ten (10) working days of the date this notice is mailed or delivered, the taxpayer may file an appeal with the county board of equalization(BOE).
Property owners who appeal are encouraged to perform careful research and submit copies of evidence during each step of the appeal process.
I just purchased my property, why have
you valued it for more than I paid for it?
How can my property be worth more if I havent done anything to it?
Property values are based on the activity in the
marketplace. If homes, similar to yours, are commanding a higher price one would have to
assume yours would be worth similar amount.
Why should I be penalized for somebody else paying a high price for a home in my neighborhood?
It isnt a penalty. Although it does occur, few
people will pay more for something than it is worth. Therefore if a number of homes
similar to yours are selling for more based on the price paid by newcomers to you
neighborhood, it increases the marketability and market value of your property should you
decide to sell.
I have an older home in an area where they are building new homes. How will this affect my property value?
The newer homes will not have a direct affect on
your value. We will, for valuing purposes, compare your home to similar properties in
terms of age, condition and size as well as a number of other variables.
If you didnt increase my market value, why did my taxes increase?
The County Assessor does not establish the amount of
taxes you pay. If the market value placed on your property by the assessor remained the
same as the previous year, the increase in you taxes can probably be attributed to an
increase in millage rates within your particular school district. Millage levels are
controlled by a vote of the people not the County Assessor. Follow the link to the
right to calculate your taxes.
Do you visit each home in the county?
Yes, Oklahoma law requires us to visit all
properties once every four years.
What if I think the value placed on my property is wrong?
If you feel the Assessor has made a mistake in
valuing your property, you may file an appeal with the Assessors office.
(OTC #974) prescribed by The Oklahoma Tax Commission)
How can my property increase in value if it is getting older?
In order to establish a market value for your
property we must analyze the market in your neighborhood. While the homes similar to yours
in terms of characteristics such and condition and age, are selling for more one would
have to think your property would command a similar price.
Will my value increase every year?
The value of your property is based on the market in your neighborhood. If the values in your area, based on sales, should increase we must increase the entire neighborhood to maintain current market values as required by law. However, if the values were to decrease based on the sales occurring we again must make the necessary adjustments and maintain the current market value by decreasing the values in the neighborhood.