Ad valorem tax; requiring tax jurisdictions to disclose certain information; requiring the county assessor and the Oklahoma Tax Commission to provide certain assistance. Effective date.

SB 1578 requires local taxing jurisdictions (like cities, counties, and school districts) that receive ad valorem tax funds to annually disclose specific details about property tax breaks. It mandates disclosure of all exemptions, deductions, credits, and limitations on property taxes; their financial impact on local revenue; and expiration dates with justification for renewal. County assessors and the Oklahoma Tax Commission must provide assistance to help jurisdictions comply. The law takes effect January 1, 2027, aiming to increase transparency around local tax policies.