Okla. Admin. Code § 385:25-1-33

Current through Vol. 42, No. 4, November 1, 2024

Section 385:25-1-33 - Procedure for appraisal of commercial leases

(a) Upon categorization of trust land as commercial and prior to its being offered for lease, an appraisal for fair market value shall be made by appraisers designated by the Land Office on a form acceptable to the Commissioners of the Land Office. Appraisals will be made in accordance with the Uniform Standards of Professional Appraisal Practice.

(b) All leases shall maintain fair market rental value throughout the term of the lease using methods such as escalators, percentage of gross income or reappraisal clauses.

(c) The fair market rental value shall be determined by any reasonable method that is derived from independently verifiable sources and is deemed acceptable by the Secretary.

Okla. Admin. Code § 385:25-1-33

Added at 16 Ok Reg 1451, eff 5-27-99; Amended at 29 Ok Reg 1306, eff 6-25-12

Amended by Oklahoma Register, Volume 41, Issue 22, August 1, 2024, eff. 8/11/2024