Oklahoma Administrative Code
Title 385 - Department of the Commissioners of the Land Office
Chapter 25 - Surface Leasing for Agricultural and Commercial Purposes
Section 385:25-1-33 - Procedure for appraisal of commercial leases
Universal Citation: OK Admin Code 385:25-1-33
Current through Vol. 41, No. 13, March 15, 2024
(a) Upon categorization of trust land as commercial and prior to its being offered for lease, an appraisal for fair market value shall be made by appraisers designated by the Land Office on a form acceptable to the Commissioners of the Land Office. Appraisals will be made in accordance with the Uniform Standards of Professional Appraisal Practice.
(b) All leases shall maintain fair market rental value throughout the term of the lease using methods such as escalators, percentage of gross income or reappraisal clauses.
Added at 16 Ok Reg 1451, eff 5-27-99; Amended at 29 Ok Reg 1306, eff 6-25-12
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