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Volume XXI, Issue III March 2012 The mission of the Ad Valorem Division of the Oklahoma Tax Commission is to promote an ad valorem property tax system which is fair and equitable to all taxpayers by implementing standard valuation methodology, tax law conformity, and assessment administration compliance. Oklahoma Ad Valorem F O R U M Continued on page 2... “IAAO Zangerle Award Winner: 1997 and 2010” Director’s Notes: Daylight Savings Time is my least favorite so-called holiday. Benjamin Franklin proposed it originally to save candles, but I’m not sure anyone has been able to get ready for it mentally in the first few days after the switch. So far we’ve been lucky as the spring weather hasn’t been too dramatic; it’s always fun to enjoy the red buds without worrying about tornadoes and wildfires. We spent some time last week with our field analysts putting the final touches on the 2012 “test” audit. The process seems to have come together, and we believe the audit will be workable. As I have said earlier, the idea that the audit be tested this year before we go live will pay off in the long run. We have had good cooperation from all of the software vendors in providing the information we will need for the audit, and the 4-C Committee has discussed the changes needed at its last meeting. We appreciate the assistance from CCAP. Public service activity has picked up with calls and questions about renditions. We will have a Capitalization Rate Conference on March 29th and 30th. We are looking forward to hearing from interested parties. A draft of the study will be posted April 9th with a 10-day comment period. Comments received will be posted on the web site. Our final study will be posted April 30th. One of the questions that County Assessors are dealing with is the shape of the housing market in Oklahoma. A publication called “The Oklahoma Economist” put out by the Kansas City Branch of the Federal Reserve reports that Oklahoma’s economic growth is doing better than the overall United States. The web link is www.kansascityfed.org/oklahomacity. Home price growth has remained mostly stable in Oklahoma in the past five years even though housing activity was still hit hard in the state. Median housing values in Tulsa and Oklahoma City have gradually increased over the last few years, but state-wide single family home permits and single family new construction still haven’t reached the number of housing units in 2005. With both OSU and OU out of the March Madness this year, I found one interesting item recently in the county assessor history project that is close to a case of March insanity. It occurred March 14, 1919 for Jim Beatty, Oklahoma County Assessor, whose wife discovered a man stealing Beatty’s car from his garage in the middle of the night. Beatty rushed outside and ordered the man to halt, but the thief just put the car in reverse and backed out of the garage. Beatty fired a shot gun at him, but it misfired. Beatty then pulled a “six shooter” and shot the man in the elbow. The criminal later sued Beatty for $15,000 stating his capacity for earning a living had been reduced because of his injury to his arm. Apparently, thankfully for Beatty, the man did not win his court case.
|Okla State Agency||
Tax Commission, Oklahoma
|Okla Agency Code||'695'|
|Title||Oklahoma ad valorem forum, 03/2012, v.21 no.3|
Oklahoma Tax Commission.
|Purpose||Director's Notes; "4C" Meeting Held in March; IAAO Oklahoma Chapter Meeting; Focus on Wagoner County|
|For all issues click||T500.6 A189f|
|Digital Format||PDF, Adobe Reader required|
|ODL electronic copy||Downloaded from Agency website: http://www.tax.ok.gov/advform/avfMarch12.pdf|
|Rights and Permissions||This Oklahoma State Government Publication is provided for educational purposes under US copyright law. Other usage requires permission of copyright holders.|