Oklahoma Administrative Code
Title 710 - Oklahoma Tax Commission
Chapter 10 - AD Valorem
Subchapter 2 - Business Personal Property Valuation Schedules
Section 710:10-2-1 - General provisions

(a) Purpose. The provisions of this Subchapter have been adopted, pursuant to 68 O.S. § 2875(D)(4), to provide information regarding the schedules of values of personal property given to county assessors to assist in the assessment of personal property.

(b) Schedules of values. Schedules of values are intended only to provide the user with an approximation of value for the personalty "typical" for the class, not an absolute value.

(c) Schedules of trending and depreciation. Trending schedules are used to adjust historical cost to a current estimated replacement cost new. Depreciation schedules are used to estimate normal depreciation as applied to replacement cost new to estimate current value of the asset. The factors or percentages used are taken from Marshall and Swift Valuation Service, a national valuation service contracted by the Division to provide values and schedules of trending and depreciation for real and personal property. This service is updated on a monthly basis.

(d) Caveat. Nothing in this Subchapter, nor any other guidelines, procedures, or rates provided to assessors by the Oklahoma Tax Commission Ad Valorem Division ("Division") is intended to relieve property owners or assessing officials of their obligations by law to report, value, or assess personal property at its fair cash value. Though the schedule of values referred to in this Subchapter are typical values for business personal property, actual value of any particular asset may be affected by conditions or use.

(e) Disclosure. A copy of the "Business Personal Property Valuation Schedule" may be obtained by accessing the Tax Commission website at www.tax.ok.gov.

(f) Surveys. Individuals and organizations who wish to participate in surveys conducted by the Ad Valorem Division may notify the Division by emailing mandy.wilkerson@tax.ok.gov.