Revenue and taxation; Ad Valorem Tax Code; definitions; classifications of property; valuation procedures; effective date.

Document formatting and page numbering were reorganized, with header information and committee amendment language restructured.

The bill's title and introductory language were reformatted to reflect House Committee Substitute status instead of Proposed Policy Committee Substitute.

New page headers and reference numbers were inserted to align with House Committee Substitute formatting standards.

Bill title changed from 'Proposed Committee Substitute' to 'Proposed Policy Committee Substitute' with updated date

Removed comprehensive amendments to 68 O.S. 2021 Sections 2802, 2803, and 2817 that covered general property tax definitions and procedures

Added new Section 2802.1A defining valuation method for commercial buildings constructed without final interior elements

Added new statutory section 60-1-12666 to codify the new valuation provision

Established requirement that county assessors value unfinished commercial buildings based on direct material costs rather than completed value

Set effective date to January 1, 2026 for the new valuation method

The entire bill text was replaced with a new committee substitute version rather than making incremental amendments to the original engrossed version.

Updated the bill title from 'Introduced' to 'Engrossed House' and revised sponsor attribution to include additional sponsors (Schreiber, Tedford, and Thompson).

Changed the bill description from 'enacting the Ad Valorem Tax Relief Act of 2025' to 'amending 68 O.S. 2021' sections, indicating the bill modifies existing law rather than creating new law.

Removed the 'Ad Valorem Tax Relief Act of 2025' naming provision and the effective date section from the initial version.

Added page numbering and formatting markers consistent with engrossed legislative documents.