First American Bank & Trust Co. v. Oklahoma Industrial Finance Authority

LAVENDER, Justice.

¶ 1 We hold the tax exemption afforded State-owned property found in OKLA CONST, art. 10, § 6 did not have the effect of extinguishing all Oklahoma County ad var lorem real estate taxes assessed and owing against certain property when appellee, Oklahoma Industrial Finance Authority (OIFA), a State agency, acquired the property. In place of a sale of the property, the Legislature intended 68 O.S.1991, § 2940 to act as the mechanism to insure that all valid ad valorem real estate taxes previously assessed or that would become due prior to OIFA’s acquisition of the property are…