Oklahoma State Board of Equalization
Encyclopedia
The Oklahoma State Board of Equalization is an agency
of the state of Oklahoma
that is responsible for tax administration
. The Board is responsible for adjusting and equalizing the valuation of real and personal property
of the several counties of Oklahoma. Board is also responsible for providing an estimate of all revenue that will be available for appropriation by the Oklahoma Legislature
for the coming fiscal year.
The State Board of Equalization was established in 1907 by ratification of the Oklahoma Constitution
.
, the Oklahoma State Auditor and Inspector
and the Secretary of Finance and Revenue
.
, the Board was composed of seven elected officials. Following an amendment to the Constitution in 1975, the Board now consists of six elected officials and one appointed official, with all members serving as ex officio members.
As of 2009, the current membership of the Board is as follows:
the taxable real
and personal property
value of the several counties for the purpose of tax assessment by the county assessors. This is done by deteremined the ratio of the aggregate assessed value of the county to the fair cash value of the county. The Board also examines the various county assessments to equalize, correct and adjust the them as between and within the counties. The Board is responsible for determine the assessment ratio for all air carrier, railroad, and public service corpoeration property in the state.
The Board is responsible for providing an estimate of all revenue that will be available for appropriation by the Oklahoma Legislature
for the coming year fiscal year. The Governor, through the Oklahoma Office of State Finance
, then uses that estimate to prepare and submit the State's annual budget for approval by the Legislature.
Government agency
A government or state agency is a permanent or semi-permanent organization in the machinery of government that is responsible for the oversight and administration of specific functions, such as an intelligence agency. There is a notable variety of agency types...
of the state of Oklahoma
Oklahoma
Oklahoma is a state located in the South Central region of the United States of America. With an estimated 3,751,351 residents as of the 2010 census and a land area of 68,667 square miles , Oklahoma is the 28th most populous and 20th-largest state...
that is responsible for tax administration
Tax
To tax is to impose a financial charge or other levy upon a taxpayer by a state or the functional equivalent of a state such that failure to pay is punishable by law. Taxes are also imposed by many subnational entities...
. The Board is responsible for adjusting and equalizing the valuation of real and personal property
Tax Equalization
When one is a taxpayer in one country, but works in another, one may be subject to different taxation from if one had worked in one's home country, or even to double taxation, even taking account of tax treaties between countries. Tax equalization is the offsetting of any such difference so that...
of the several counties of Oklahoma. Board is also responsible for providing an estimate of all revenue that will be available for appropriation by the Oklahoma Legislature
Oklahoma Legislature
The Legislature of the State of Oklahoma is the biennial meeting of the legislative branch of the government of Oklahoma. It is bicameral, comprising the Oklahoma House of Representatives and the Oklahoma Senate, with all members elected directly by the people. The House of Representatives has 101...
for the coming fiscal year.
The State Board of Equalization was established in 1907 by ratification of the Oklahoma Constitution
Oklahoma Constitution
The Constitution of the State of Oklahoma is the governing document of the U.S. State of Oklahoma. Adopted in 1907, Oklahoma ratified the United States Constitution on November 16, 1907, as the 46th US State. At its ratification, the Oklahoma Constitution was the longest governing document of any...
.
Leadership
The State Board of Equalization is under the leadership of the Governor of OklahomaGovernor of Oklahoma
The governor of the state of Oklahoma is the head of state for the state of Oklahoma, United States. Under the Oklahoma Constitution, the governor is also the head of government, serving as the chief executive of the Oklahoma executive branch, of the government of Oklahoma...
, the Oklahoma State Auditor and Inspector
Oklahoma State Auditor and Inspector
The Oklahoma State Auditor and Inspector is the chief financial officer for the U.S. State of Oklahoma. The State Auditor and Inspector is responsible for overseeing and reviewing the financial accounts of all government agencies within Oklahoma....
and the Secretary of Finance and Revenue
Oklahoma State Cabinet
The Cabinet of the Governor of Oklahoma is a body of the most senior appointed officials of the executive branch of the government of Oklahoma. Originally an informal meeting between the Governor of Oklahoma and various government officials, the Governor's Cabinet has evolved into a major part of...
.
Composition
As established by Article 10 of the Oklahoma ConstitutionOklahoma Constitution
The Constitution of the State of Oklahoma is the governing document of the U.S. State of Oklahoma. Adopted in 1907, Oklahoma ratified the United States Constitution on November 16, 1907, as the 46th US State. At its ratification, the Oklahoma Constitution was the longest governing document of any...
, the Board was composed of seven elected officials. Following an amendment to the Constitution in 1975, the Board now consists of six elected officials and one appointed official, with all members serving as ex officio members.
As of 2009, the current membership of the Board is as follows:
- Governor of OklahomaGovernor of OklahomaThe governor of the state of Oklahoma is the head of state for the state of Oklahoma, United States. Under the Oklahoma Constitution, the governor is also the head of government, serving as the chief executive of the Oklahoma executive branch, of the government of Oklahoma...
Brad HenryBrad HenryCharles Bradford "Brad" Henry was the 26th Governor of the U.S. state of Oklahoma. A member of the Democratic Party, he was elected governor in 2002...
- Chairman - Lieutenant Governor of OklahomaLieutenant Governor of OklahomaThe Lieutenant Governor of Oklahoma is the second-highest executive official of the state government of Oklahoma. As first in the gubernatorial line of succession, the Lieutenant Governor becomes the new Governor of Oklahoma upon the death, resignation, or removal of the Governor...
Jari AskinsJari AskinsJari Askins is an American lawyer and Democratic politician from the US state of Oklahoma. She was the 15th Lieutenant Governor of Oklahoma, being the second female and the first Democratic female to hold that position....
- Vice Chair - Oklahoma State Auditor and InspectorOklahoma State Auditor and InspectorThe Oklahoma State Auditor and Inspector is the chief financial officer for the U.S. State of Oklahoma. The State Auditor and Inspector is responsible for overseeing and reviewing the financial accounts of all government agencies within Oklahoma....
Steve BurrageSteve BurrageSteve Burrage is an American politician from Oklahoma and the former Oklahoma State Auditor and Inspector. Burrage was appointed as State Auditor by the Governor of Oklahoma Brad Henry on July 10, 2008, filling the vacancy created by the resignation of former State Auditor Jeff McMahan, serving...
- Secretary - State Treasurer of OklahomaState Treasurer of OklahomaThe State Treasurer of Oklahoma is the chief custodian of Oklahoma’s cash deposits, monies from bond sales, and other securities and collateral and directs the investments of those assets. The Treasurer provides for the safe and efficient operation of state government through effective banking,...
Scott MeachamScott MeachamScott Meacham was the 17th State Treasurer of Oklahoma, having served from June, 2005 to January, 2011, having been appointed to that post by then-Governor Brad Henry following the resignation of then-State Treasurer Robert Butkin... - Attorney General of OklahomaAttorney General of OklahomaThe Attorney General of Oklahoma is the State Attorney General for the state of Oklahoma. The Attorney General serves as the chief legal and law enforcement officer of the State of Oklahoma. The Attorney General is responsible for providing legal advise to the various agencies and departments of...
Drew EdmondsonDrew EdmondsonWilliam Andrew "Drew" Edmondson , is an American lawyer and politician from Oklahoma. A member of the Democratic Party, Edmondson served as the 16th Attorney General of Oklahoma from 1995 to 2011... - Oklahoma Superintendent of Public Instruction Sandy GarrettSandy GarrettSandy Garrett is a retired American Democratic politician from the US state of Oklahoma. Garrett is the former Oklahoma Superintendent of Public Instruction....
- President of the Board of Agriculture Terry PeachTerry PeachTerry Peach is an American farmer and politician from Oklahoma. Peach previously served as the Oklahoma Secretary of Agriculture under Governor of Oklahoma Brad Henry from 2003 to 2011...
Functions
On December 1 of each year, or the first working day thereafter, the Board must equalizeTax Equalization
When one is a taxpayer in one country, but works in another, one may be subject to different taxation from if one had worked in one's home country, or even to double taxation, even taking account of tax treaties between countries. Tax equalization is the offsetting of any such difference so that...
the taxable real
Real property
In English Common Law, real property, real estate, realty, or immovable property is any subset of land that has been legally defined and the improvements to it made by human efforts: any buildings, machinery, wells, dams, ponds, mines, canals, roads, various property rights, and so forth...
and personal property
Personal property
Personal property, roughly speaking, is private property that is moveable, as opposed to real property or real estate. In the common law systems personal property may also be called chattels or personalty. In the civil law systems personal property is often called movable property or movables - any...
value of the several counties for the purpose of tax assessment by the county assessors. This is done by deteremined the ratio of the aggregate assessed value of the county to the fair cash value of the county. The Board also examines the various county assessments to equalize, correct and adjust the them as between and within the counties. The Board is responsible for determine the assessment ratio for all air carrier, railroad, and public service corpoeration property in the state.
The Board is responsible for providing an estimate of all revenue that will be available for appropriation by the Oklahoma Legislature
Oklahoma Legislature
The Legislature of the State of Oklahoma is the biennial meeting of the legislative branch of the government of Oklahoma. It is bicameral, comprising the Oklahoma House of Representatives and the Oklahoma Senate, with all members elected directly by the people. The House of Representatives has 101...
for the coming year fiscal year. The Governor, through the Oklahoma Office of State Finance
Oklahoma Office of State Finance
The Oklahoma Office of State Finance is the Oklahoma state government agency that prepares the Governor of Oklahoma’s annual budget, analyzes the effectiveness of state management, manages the state’s budget system and makes appropriate allotments and transfers throughout the state government...
, then uses that estimate to prepare and submit the State's annual budget for approval by the Legislature.
External links
- Oklahoma Office of State Finance official website - provides eGov support to the Board