FOR IMMEDIATE RELEASE

January 17, 2025

FOR MORE INFORMATION

Larry Stein

(405) 713-1201   cell (405) 361-9307

Final Tornado Damage Tally

Damage of Nearly $44 Million to 386 Properties

Property Tax Savings of $316,787 for Affected Property Owners

“Nearly $44 million worth of damage from the unusual November 2024 storms and tornadoes with property on approximately 386 parcels destroyed or damaged and the changes in value will result in a property tax savings to property owners of more than $316,000,” Oklahoma County Assessor Larry Stein said.

“Our initial reports of $51.9 Million of market value lost were reduced to the new damage level after gathering and updating the figures and damage estimates. The appraisal staff did an excellent job of ensuring all the data were collected. The average value of properties destroyed in the severe weather is approximately

$113,735,” Stein said.

Before the storm the market value of the 386 properties was $96.7 million, the total damage was $43.9 for market value decreased to $52.9 million. The affected property owners will get a reduction in property taxes of

$316,787.

“Our teams have been all across the area impacted by the November 2-3 storm system which hit during the overnight hours. I’ve toured the areas and seen the incredible destruction and it is an amazing blessing everyone survived the storms with some hospitalized and others suffering only minor injuries,” Stein said.

“If your home was damaged, you may not know if we have already documented the damage. If you are wondering, you can always call our office at (405) 713-1241 and we can confirm any documented damage to your property,” Stein said.

What Happens Next

“The damage is being reported from the Assessor’s office to the County Board of Tax Roll Corrections (TRC). When the property value is reduced, the property taxes on the real property may also be reduced. The land will still have a value and create a property tax obligation for the owner,” Stein said.

“Oklahoma County Treasurer Butch Freeman’s Office will take all the information from the TRC. Tammy Jones at (405) 713-1324 is the contact in the Treasurer’s Office if you have any questions about refunds or reduced property taxes because of the storm damage,” Stein said

“Before legislative changes suggested by assessors, there was no provision to reduce property value after natural disasters during the current year. The legislature approved the changes after wildfires in Central Oklahoma in April of 2010. The fires hopscotched across the county destroying more than 100 homes and injuring more than 30 people. Without this legislative change in Title 68 of State Statutes, homeowners would have suffered the loss of their home and have been required to pay the entire year’s property taxes on a home that was no longer there,” Stein explained.