Tulsa Zoning: August 2007 Archives

Part of the Oklahoma Local Development Act, 62 O. S. 860, a provision to encourage restoration of buildings historic neighborhood commercial districts, by allowing local governments to exempt taxation on the incremental property value (emphasis added):

D. A project plan may contain a provision that ad valorem taxes may be exempted in a commercial historic preservation area that is adjacent to and serves designated historical residential areas for neighborhood commercial preservation purposes in order for the neighborhood to retain its basic character and scale. No ad valorem tax exemption may be granted on the value of property which has been assessed or which is subject to assessment prior to the adoption of the project plan. No ad valorem tax exemption shall be granted pursuant to the provisions of this subsection for single-family residences. The governing body may grant the exemption only on the increase in value of the property. The exemptions may be granted for a specific period of time as determined by a written agreement between the property owners of the area and the governing body and may be renewed. Uses of the property eligible for this exemption may include but not be limited to commercial, office or multifamily residential use.

Is this actually in use anywhere in the state? Maybe only in Oklahoma City?

Found via the 2007 Oklahoma Business Incentives Tax Information Guide -- 60 pages worth of brief descriptions of tax exemptions, credits, and other incentives that Oklahoma offers to companies doing business in the state.