Property Valuation
In Oklahoma, a county assessor values property for ad valorem tax purposes. Residential property is typically assessed at:
A100% of fair market value
B11% of fair market value for homestead property✓ Correct
C50% of replacement cost
DThe purchase price only
Explanation
Oklahoma uses a fractional assessment system. Residential homestead property is assessed at 11% of fair market value for ad valorem tax purposes. Agricultural property and other classes have different assessment ratios.
Related Oklahoma Property Valuation Questions
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