Oklahoma County Assessor Larry Stein said Friday that it will be next year before his office can consider the effect of the coronavirus on property values, if there are any.
"The statutes require on January 1, 2020, the values for ALL property are set for the year of 2019," Stein said in a press release. "Appeals for 2020 are based upon the market conditions up to December 31, 2019, long before the COVID-19 virus impacted Oklahoma and the United States. The impact of the virus on property values in Oklahoma County will be evaluated as part of the decision-making process NEXT calendar year, as the law requires.
"Our staff will undertake a complete re-evaluation of ALL of the nearly 330,000 parcels of property in Oklahoma County’s 720 square miles this year to determine any impact on property values. The results of that evaluation could have ripple effects for years to come. Our staff will do everything we can to address those impacted and consider any changes of value for ALL property at the appropriate time. My staff will do everything possible to take into consideration the impact of the COVID-19 virus has had on the value of homes or businesses."
Stein added, "We are hoping and praying for a tremendous economic recovery. Billions of dollars in federal help through loans/grants were made available to businesses. In addition, many businesses have insurance policies that protect them from lost revenue and actions beyond their control. Those funds and insurance protection may change the economic forecast and affect the property values in our county. The law requires we must wait and see."