Ad valorem; creating personal property classification; defining term. Effective date

This bill amends Oklahoma's ad valorem tax code (68 O.S. 2021, Sections 2802-2803) to clarify definitions related to personal property classification and tax valuation. It updates statutory language for terms like "business assets," "assessed valuation," and "fair cash value" without changing tax rates or exemptions. The bill affects all property taxpayers and local assessors by standardizing terminology used in property tax administration. As a procedural definition update, it does not create new tax obligations or alter existing tax policies.