Revenue and taxation; ad valorem; charitable institutions; effective date.

HB 3572 modifies Oklahoma's property tax exemption rules for charitable institutions, specifically affecting residential properties owned by such organizations. It requires that residential properties (both single-family and multi-family) used for charitable purposes maintain a minimum 75% occupancy rate annually to retain tax exemption status. Owners must report occupancy rates to county assessors by December 15 each year, with failure to meet the threshold resulting in loss of exemption for the following year. The bill also clarifies that properties financed with low-income housing tax credits or used for affordable housing projects may qualify under these rules.