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68-2817.1.


68-2817.1.
   
   A. For purposes of implementing Section 8B of Article X of the
   Oklahoma Constitution, the fair cash value of locally assessed real
   property shall not be automatically increased five percent (5%) each
   year, the five-percent limitation on the increase in the fair cash
   value shall not be cumulative, and the five-percent limitation shall
   not be considered as a twenty-percent increase every four (4) years.
   
   B. For purposes of implementing Section 8B of Article X of the
   Oklahoma Constitution, improvements made to locally assessed real
   property shall be assessed in accordance with law by the county
   assessor based on the fair cash value of the improvement. The assessed
   value of the improvement shall then be added to the existing assessed
   value of the property. The existing property shall continue to be
   subject to the five-percent limitation on the increase in valuation as
   set forth in Section 8B of Article X of the Oklahoma Constitution.
   Except when title to the property is transferred, changed, or conveyed
   to another person as defined in Section 3 of this act, and in
   accordance with Legislative intent as set forth in subsection A of
   this section, under no circumstances shall the fair cash value of the
   existing property increase by more than five percent (5%) in any
   taxable year.
   

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