jeff-2008 cap rate annual conference 08 - oklahoma · cap rate conference-march 2008 preparation of...

2008 Capitalization 2008 Capitalization Rate StudyRate Study

Oklahoma Tax Commission Oklahoma Tax Commission Ad Valorem Division Ad Valorem Division

August 2008August 2008

Public Service ValuationPublic Service Valuation

Receive approximately 255 company Receive approximately 255 company renditionsrenditions

Valuation of $11 Billion FCVValuation of $11 Billion FCV

Assessed Value $2.5 BillionAssessed Value $2.5 Billion

Approximately $220 Million tax dollarsApproximately $220 Million tax dollars

Public Service ValuationPublic Service Valuation

Public ServicePublic Service----13.5% of State Ad 13.5% of State Ad Valorem Tax Base.Valorem Tax Base.

Equal to Tax Base of Cleveland, Equal to Tax Base of Cleveland, Canadian, and Comanche.Canadian, and Comanche.

About 8 times larger than Garfield. About 8 times larger than Garfield.

Public Service ValuationPublic Service Valuation

Public Service Valuation larger than any Public Service Valuation larger than any county except: Tulsa and Oklahomacounty except: Tulsa and Oklahoma

Public Service Valuation important portion Public Service Valuation important portion of county tax bases. of county tax bases.

11

Distribution of ValuationDistribution of Valuation

Update 2805 Valuation RecordsUpdate 2805 Valuation Records

Add Apportionment Data for 13,400 taxing Add Apportionment Data for 13,400 taxing districts (Schools, Counties, Careerdistricts (Schools, Counties, Career--Tech, Tech, EMS, and others)EMS, and others)

Respond to County Questions (75 in 2007)Respond to County Questions (75 in 2007)

Update our ProcessUpdate our Process

New Staff New Staff

Improve our ProcessImprove our Process

Respond to ChangesRespond to Changes

Update valuation processUpdate valuation process

October 2007 October 2007

October 2007 Valuation ConferenceOctober 2007 Valuation Conference

Industry and Interested PartiesIndustry and Interested Parties

New Trends or Economic ChangesNew Trends or Economic Changes

Suggestion for ProcessSuggestion for Process

Cap Rate ConferenceCap Rate Conference--March 2008March 2008

Preparation of Capitalization Rates Preparation of Capitalization Rates

Hear from Industry and Groups Hear from Industry and Groups

Review economic changesReview economic changes

Open, Transparent ProcessOpen, Transparent Process

Review of Cap RateReview of Cap Rate

Posted Cap Rate Study on OTC Web SitePosted Cap Rate Study on OTC Web Site

Ten day comment periodTen day comment period

Received CommentsReceived Comments

Final Cap Rate posted April 30Final Cap Rate posted April 30thth..

20082008--20092009

Similar Process for 2000 Tax YearSimilar Process for 2000 Tax Year

Written Comments from Interested PartiesWritten Comments from Interested Parties

Open Process Open Process

Cap Rate ConferenceCap Rate Conference

Thanks to Counties and IndustryThanks to Counties and Industry

Good attendance during Cap Rate Good attendance during Cap Rate processprocess

Good comments on processGood comments on process

Thanks to Counties for Submitting Thanks to Counties for Submitting Questions on Distribution. Questions on Distribution.

The EndThe EndAd Valorem Division Ad Valorem Division

Public Service SectionPublic Service Section