Board approves 2024 five-year manufacturers' exemption report; assessor warns of threat to ad valorem tax base

The Oklahoma County Board of Equalization voted unanimously on Jan. 27, 2025 to approve, as amended, the county’s 2024 five-year manufacturers' exemption report and to submit two previously denied forms (XM2 and XM4 for Latica) to the Oklahoma Tax Commission for review.

Assessor’s office staff told the board the XM2 and XM4 accounts were not included in last year’s submission because the county had previously been denied by the Tax Commission; however, the Tax Commission advised those forms still must be submitted. The board approved signing and submitting the forms so the commission can make a determination.

During discussion the assessor’s office (identified in the meeting as Mr. Stein and other staff) provided a detailed briefing on state legislative activity that staff said poses a risk to the county’s property-tax base. Mr. Stein described a wave of proposals to change or eliminate ad valorem property taxes and said assessors statewide are analyzing potential impacts on school funding and local services. "The legislature, it's the largest assault on ad valorem," Mr. Stein said, urging vigilance and outreach to legislators.

Board members tested several procedural points about how the Tax Commission handles exemptions, whether five-year exemption expirations were pending (the presenter said some exemptions run in multi-year cycles and that expirations vary by agreement), and noted prior denials for cryptocurrency mining (“Bitcoin”) accounts that may return for review this year. The assessor's office said it will submit the XM2 and XM4 forms and continue monitoring state bills; staff said they plan to circulate a list of bills with hyperlinks to the board and county officers.

The motion to approve the 2024 five-year manufacturers' exemption report as amended passed by roll call with all three board members voting yes: Eleanor Thompson, Brett Towne and Theresa Sellers. The board did not change state policy; it approved the county report and directed staff to file the required forms with the Oklahoma Tax Commission.

The meeting record shows no resolutions or local legislative actions were passed; the discussion about statewide ad valorem changes was informational and reflected staff analysis and concern.