Ad Valorem Tax; expanding classification of property. Effective date.

SB 1839 creates a new "de minimis" classification for personal property valued at $5,000 or less, exempting it from annual listing and assessment under Oklahoma's ad valorem tax system. This directly affects homeowners and property owners with low-value personal items (like furniture or small tools) who previously had to report such property annually. The bill amends Sections 2803 and 2817 of Oklahoma's tax code to formally establish this exemption and update related language. It simplifies the tax process for these items without changing tax rates or obligations for higher-value property.