Property Assessors Offices - Oklahoma Key Terms

Understanding important terms relevant to property assessments in Oklahoma counties

By Michelle Cramer

Property assessments determine how much property owners, whether on a personal or business level, owe in property taxes each year. Assessments determine the value of a specific property and then determine a tax amount based upon a formulated tax rate system. Property assessor's offices are responsible for assessing property values and determining these tax rates.

Whether you want to work for the Oklahoma assessor's office or simply want to better understand the assessment process for personal or business applications, there are a few key terms you should know.

Market value

Market value is the amount a willing buyer would pay for a given property. Assessor's offices determine fair market value of a property by compiling several factors, including what similar properties sell for, property amenities, property size and condition.
Try: Creative Real Estate Online provides an explanation of market value for single family residences. The Oklahoma County Assessor Residential Appraisal Department provides a definition and explanation of the analysis of market value.

Assessment

Assessment is the valuation of a property based upon fair market value for that property. An Oklahoma assessor's office conducts property assessments once a year on residential and commercial properties in order to determine property taxes for that year.
Try: The Kay County Assessor provides more information about the assessment process in Oklahoma.

Property tax

Property tax is a tax that Oklahoma counties place on residential and commercial real property (and sometimes personal property) in order to obtain revenue for local municipalities, typically paid on an annual basis.
Try: Refer to Wisegeek for more information on property tax. The BankRate website offers more details on Oklahoma state taxes, including property tax.

Ad valorem

Ad valorem is Latin for "according to value." The Ad Valorem division of Oklahoma tax assessment makes sure that property taxes are based upon state and local laws.
Try: The Oklahoma Tax Commission provides more information on the Ad Valorem division. Discover ad valorem tax exceptions from the Carter County Assessor's Office.

Oklahoma Tax Commission (OTC)

The purpose of the Oklahoma Tax Commission (OTC) is to promote tax compliance through fair collection and administration of taxes. The OTC is also responsible for distributing and apportioning revenue to state and local municipalities.
Try: Discover more about the structure of the Oklahoma Tax Commission.

Board of Equalization (BOE)

The Oklahoma State Board of Equalization adjusts and equalizes the value of personal and real property. As time passes, the gaps between the values for real property in comparison to other properties, such as personal property, increase. The state BOE brings those values back into alignment.
Try: Visit the Oklahoma State Board of Equalization website for more information.