1. A. There is hereby created in the State Treasury a revolving fund for the Office of the State Treasurer to be designated the "State Land Reimbursement Fund". The fund shall be a continuing fund, not subject to fiscal year limitations. Monies apportioned to the fund shall be expended as payments to any county of this state which has state-owned land within the county, that if the land were in private ownership would be classified as agricultural land and on which no state agency is making an in lieu of ad valorem payment. Provided, no land shall be eligible for reimbursement under the provisions of this section which receives reimbursement for in lieu of tax payments under the provisions of Section 4-132 of Title 29 of the Oklahoma Statutes.
2. B. Each county shall receive a portion of the fund equal to the amount of the additional ad valorem tax revenue which would have been received in the county if the state-owned land was not exempt from ad valorem taxation as determined by the county assessor. Each county assessor shall prepare reports listing the legal description, number of acres, taxable value, tax rate, and property tax amount for each property eligible under this section. The reports shall be filed with the Office of the State Treasurer on or before December 31 of each year. Payments from the fund shall be made by the State Treasurer to the county treasurers not later than February 1 of each year. The county treasurer shall apportion the monies in the manner ad valorem taxes are apportioned in the county.

Added by Laws 1988, HB 1887, c. 82, § 1, emerg. eff. July 1, 1988; Amended by Laws 1993, SB 578, c. 260, § 27, emerg. eff. July 1, 1993; Amended by Laws 2007, HB 1761, c. 323, § 2, emerg. eff. July 1, 2007 (superseded document available).