Okla. Admin. Code § 710:10-3-22

Current through Vol. 42, No. 7, December 16, 2024

Section 710:10-3-22 - Collection of assessment and equalization data for purposes of equalization study

(a) For purposes of gathering sales data, the Oklahoma Tax Commission staff will examine verified sales for the period to be included in the equalization study. The study period shall be from January 1st to December 31st of the previous assessment year.

(b) A verified sale is indicated by documentary stamps affixed to a warranty deed. This is only a presumption that a sale has occurred.

(c) The verified sale shall be qualified by one of the methods set out in this subsection:

(1) The amount of consideration paid is stated in the warranty deed or attached documents;

(2) A mortgage or mortgages follows the warranty deed which reasonably indicates that the documentary stamp value is correct;

(3) Confirmation by one or more of the following:

(A) Buyer;

(B) Seller;

(C) Real estate broker or agent;

(D) Bank or other lending institution;

(E) Real estate appraiser;

(F) Real estate data banks and multi-list services; or

(G) Attorneys and other third parties who have knowledge of the transaction.

(4) Commercial and industrial property is to be qualified pursuant to subsection (g) of this Section by the confirmation method.

(5) The residential property data will be qualified by using the methods described in (1), (2) and (3) of this subsection.

(6) Agricultural properties will be appraised using the Oklahoma Tax Commission and State Board of Equalization approved methodology.

(d) Warranty deeds shall be used as the primary source of samples unless the warranty deeds available requires the use of other instruments in order to have an adequate sample. Such instruments shall not be used unless it is determined that they represent arms-length transactions pursuant to 710:10-3-24.

(e) A warranty deed or other instruments which do not have documentary stamps affixed may be used only upon a qualification by confirmation upon determining an arms-length transaction exists.

(f) The book and page numbers of all sale transactions to be included in the equalization study will be submitted to the county assessors for their review and comment.

(g)All commercial and industrial properties shall be verified and then qualified by the confirmation method to determine the presence of personal property. The value of the personal property will be deducted from the sales consideration. The adjusted sales price will then be used in the equalization study.

(h) The Oklahoma Tax Commission may use any reasonable method to qualify sales samples.

Okla. Admin. Code § 710:10-3-22

Amended at 11 Ok Reg 3469, eff 6-26-94; Amended at 14 Ok Reg 2670, eff 6-26-97; Amended at 15 Ok Reg 3451, eff 7-11-98

Amended by Oklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 9/14/2018