Ad valorem tax; defining terms; providing assessment percentage ratio for certain property; effective date.

HB 3961 updates the definitions used in Oklahoma's ad valorem tax code to clarify how broadband service providers and video services providers are classified for property assessment purposes. The bill establishes specific rules for calculating the taxable value of property owned by these companies, setting a fifteen percent assessment ratio for broadband service providers and defining how video programming revenues factor into valuations. Additionally, the legislation clarifies that certain entities, such as cable television companies and fixed wireless broadband providers, are excluded from specific definitions of public service corporations and transmission companies. This act applies to property placed in service after its effective date of November 1, 2024, and aims to standardize how the State Board of Equalization values these assets for taxation.