Commissioners of Land Office; requiring payment to certain counties in lieu of ad valorem tax. Effective date.

SB 237 requires Oklahoma's Commissioners of the Land Office to pay counties a yearly property tax equivalent when they own more than 10% of a county's land (by acreage) and are starting or renewing a lease on that land. The payment equals the county's current agricultural property tax rate per acre, as determined by the county assessor. County assessors must share this rate with the Land Office by September 1 each year, and the Land Office must pay the county by December 31. This payment is included in the minimum bid requirement for new or renewed leases. The bill takes effect January 1, 2026.