Property Valuation
An Oklahoma property's market value has increased since the last assessment. Under Oklahoma's assessment cap provisions, the assessed value for an existing homestead may be capped at:
ANo cap — assessed value always equals 11% of current market value
BA maximum 3% annual increase in assessed value for qualifying homestead properties regardless of how much market value increases✓ Correct
CA 10% annual increase cap
DAny increase the county assessor determines appropriate
Explanation
Oklahoma has a 3% annual cap on increases in assessed value for qualifying homestead properties. This means that even if market value increases by 20%, the assessed value for tax purposes can increase by no more than 3% per year for homesteads.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Math Concepts
State-Specific Concepts
Homestead Exemption
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