Ad valorem tax collections; creating the Centrally Assessed Ad Valorem Volatility Reimbursement Fund; prescribing qualifications and reimbursement amount. Effective date. Emergency.

SB 678 creates a state fund to reimburse Oklahoma counties for property tax revenue losses caused by decreased valuations of centrally assessed properties (like oil/gas facilities). Counties qualifying for reimbursement must show a year-over-year revenue drop of at least $250,000 from these properties, receiving 25% of the loss for two years. Funds prioritize school districts first, with remaining money going to counties, and are sourced from a $2 million state appropriation. The bill takes effect July 1, 2025, and requires counties to file claims by June 30 each year.