Additionally, when a property has no value, who will fund the defense of lawsuits brought against the taxing authority for keeping a tax on properties that have no value?
Conversely, let's say a business has a wildly successful marketing campaign that has increased sales. That campaign is now subject to property taxation. Keep in mind the business already pays corporate income, sales, excise and property taxes on all revenue, tangible personal property and real property associated with the profit from increased sales. If an assessor begins taxing this marketing campaign as well, does the business owner have a legitimate question of double taxation?
Many complications were wrought by the Oklahoma Supreme Court's decision. Worst of all, failure to simplify this legislation will likely drive companies out of Oklahoma and take with them thousands of high-paying jobs. To avoid this disaster, I urge all Oklahomans to vote yes for State Question 766.
Dooley is a registered patent attorney in Oklahoma City.