Opinion No. 80-149 (1980) Ag

The Attorney General is in receipt of your request wherein you ask, in effect, the following question: May the book value of a real property asset be used in lieu of the "fair cash value" on an appraisal for ad valorem tax purposes ? Article X, Section 8 of the Oklahoma Constitution provides, in part, that: "All property which may be taxed ad valorem shall be assessed for taxation at its fair cash value, estimated at the price it would bring at a fair voluntary sale, except real property and tangible personal property shall not be assessed for taxation at more than thirty-five percent (35%)…