It is a large barcode on some income tax returns that contain all of the data submitted on that particular form.
It is a large barcode on some income tax returns that contain all of the data submitted on that particular form.
The value or price at which a willing buyer would purchase property and a willing seller would sell property if both parties are knowledgeable about the property and its uses.
Derived from the Latin term ad valentiam, meaning “according to value”, is commonly applied to a tax imposed on the value of property.
United States Postal Service (USPS) Publication 28 standards to receive commercial mailer discounts and to be eligible for automated mail handling.
A mail tracking system which allows for tracking receipt of all Certified Mail and Express Mail (UPS, FedEx, etc.).
The apportionment of tax credits by means of a pass-through entity’s structure.
A vehicle manufactured and used exclusively for off-highway use, traveling on four or more non-highway tires and having a seat designed to be straddled by the operator and handlebars for steering.
Changed or modified to make text more accurate or up to date.
The systematic review and adjustment of the appraisals and assessments, by the county assessor, of taxable real and personal property, county-wide, on an annual basis, necessary to meet constitutional and statutory requirements of the ad valorem assessment process.
The splitting up and distributing of money according to law/statute.
An official examination of an individual’s or organization’s accounts or income, typically by an independent unbiased party.
The person designated to receive the income of an estate or a trust.
A designated OTC team responsible for planning and maintaining basic OTC functions in case of an unforeseen and/or disruptive event.
Individual (Sole Proprietor)
A business owned by one individual.
General Partnership
A business owned by two or more persons, each of whom are liable for the debts of the partnership.
Limited Partnership
A business owned by one or more general partners and one or more limited partners.
· Oklahoma Corporation: The business is an entity organized pursuant to the Oklahoma General Corporation Act.
· Foreign Corporation: A foreign corporation is a corporation formed under the laws of any state other than Oklahoma.
· Limited Liability Company: An entity that is an unincorporated association or proprietorship having one or more members that is organized and existing under the laws of the state.
Envelopes with pre-designated return address and barcodes for return to OTC.
Envelopes with pre-applied postage so that taxpayers/OTC employees in the field can mail letters/documents without affixing postage.
The process of developing and creating scale maps for assessment purposes. Dimensions of each parcel, parcel identifier or account number, survey lines and easements, sales prices or land values may be included on these scale maps.
The period of 365 days, or 366 days in leap years, starting from the first of January, used for reckoning time in ordinary affairs.
The increase in value of a capital asset, such as real or intangible property, between the time it is bought and the time it is sold.
This study calculates the combined rate of the debt and equity components using the capital structure indicated by the market for the specific industry.
Software certified under the Streamlined Sales and Use Tax Agreement that is designed for a seller that wants to use certified tax calculation software but keep the responsibility for filing returns and remitting the tax.
An agent certified under the Streamlined Sales and Use Tax Agreement to perform all the seller's sales and use tax functions.
The process of making deposits electronically. This provides banks and organizations the ability to create electronic image copies of checks and send them to financial institutions.
A local tax assessed and levied by a local authority such as a county or municipality to fund a wide range of civic services.
A measure of assessment uniformity, indicating the average deviation of a group of ratios from the median, expressed as a percentage of the median ratio.
Any device operated by coins, currency or any substitute that offers tangible personal property to a consumer. These devices are required to have an up-to-date annual decal.
The process of the government collecting money from individuals or businesses required to pay tax.
Trucks, truck tractors or other vehicles utilized primarily in a commercial capacity.
A person appointed to a role on a commission
The degree to which a taxpayer complies, or fails to comply, with the tax statutes of the state or country.
A software program designed for appraising real and personal property that incorporates statistical analyses to assist the appraiser in estimating value.
The process of gathering information and property characteristics used in the valuation of all taxable real and personal property, including but not limited to property classification and characteristics. Data collection is done during the visual inspection process.
The process of entering and verifying text or other data into a software program or database.
A tax deduction that lowers a person’s tax liability by lowering their taxable income.
Delinquent is being overdue on a payment.
Depreciate is to lower the price or estimated value over a period of time as the value of the property declines.
An Oklahoma record that is placed on hold for title documentation.
Unique eleven-digit number assigned to a transaction in the process of capturing the image. For example, 00482002377 breaks down by
0 Last digit of the calendar year
04 2 digit month
8 Scanner identification
20 The day of the month the document is scanned
02377 Sequence number
Your legal home, which you treat as your fixed and permanent location, as opposed to your residence which may be a temporary place of abode. It is the place you intend to return whenever you are away as on vacation abroad, business assignment, educational leave or military assignment.
E-filing is short for electronic filing.
Equalization is to compensate for or to distribute evenly or uniformly.
The annual statutory audit conducted by OTC Ad Valorem and reported to the Oklahoma State Board of Equalization which measures and reports assessment levels and uniformity for residential, commercial and agricultural properties. Compliance recommendations are made annually to the Oklahoma State Board of Equalization.
An estate is a person’s assets and liabilities.
A tax in the form of a percentage of the taxable estate that is imposed on a property owner’s right to transfer the property to others after his or her death.
An internal tax levied on the manufacture, sale or consumption of a commodity.
Your gross income which includes wages, dividends, alimony, capital gains, business income, retirement distributions and any other income, minus allowable deductions under the federal tax, will be the amount reported on the federal income tax return.
Written decisions by the Internal Revenue Service (IRS) in response to taxpayer requests for guidance.
A tax levied on annual earnings of individuals, corporations, trusts and other legal entities by the IRS.
An OTC or independent auditor that reviews the books and records of a taxpayer for potential additional tax due or to verify a refund request within the statute of limitations.
Year as reckoned for taxing or accounting purposes. OTC’s fiscal year is July 1 through June 30.
The last working day of June when all payments are deposited in the bank, all of the required documentation having been delivered to the Office of State Auditors.
A business tax imposed upon various corporations granted a franchise. Oklahoma levies an annual franchise tax on all corporations that do business in the state.
Gross pay is the amount of money paid before taxes and other deductions.
A tax on the production of oil and gas produced in Oklahoma.
High speed scanners utilized in OTC Central Processing for capturing of images of returns, documents and payments as well as barcode data.
Documents received from taxpayers.
Tax imposed on individuals or entities that varies with respective income or profits.
A report to the government about the money that has been earned and the taxes that has been paid or owed in one taxable period.
The protection of information and information systems from unauthorized access, use, disclosure, disruption, modification, or destruction in order to provide confidentiality, integrity and availability. Pursuant to 44 U.S.C., Section 3542.
A discrete set of information resources organized for the collection, processing, maintenance, use, sharing, dissemination and/or disposition of information.
An intestate is a deceased individual who has left no will.
An intrusion is the gained unauthorized access to an information system.
A vehicle damaged by collision or other occurrence to the extent the cost of repairing the vehicle for safe operation on the highway exceeds 80% of its fair market value at the time of loss.
The system of statutes and rules which a particular country, state or community recognizes as regulating the actions of its members and which it may enforce by the imposition of penalties.
An individual is blind if the central visual acuity of the individual does not exceed 20/200 in the better eye with correcting lenses, or if the visual acuity of the individual is greater than 20/200, but is accompanied by a limitation in the fields of vision such that the widest diameter of the visual field subtends an angle no greater than 20 degrees.
An organized body having the authority to pass laws for a political unit.
A letter ruling is a written decision by the Oklahoma Tax Commission that is sent in response to a taxpayer's request for guidance on an unusual circumstances or complex question about their specific tax situation. The purpose of the letter ruling is to advise the taxpayer regarding the tax treatment of their circumstance
Any four wheeled electrical vehicle that is powered by an electric motor that draws current from rechargeable storage batteries or other sources of electrical current and whose top speed is greater than 20 miles per hour but not greater than 25 miles per hour and is manufactured in compliance with the National Highway Traffic Safety Administration standards for low-speed electrical vehicles in 49 C.F.R. 571.500.
The date a return is received in the incoming returns section of OTC Central Processing.
Any computer programming language utilized to damage the integrity of a system and/or information.
Any software intentionally designed to cause damage to a computer, server, client or computer network. Malware does the damage after it is implanted or introduced in some way into a target’s computer. Malware has a malicious intent acting against the interest of the computer user and the organization.
Persons, including vendors, who list or advertise tangible personal property for sale in any forum, directly or indirectly, collect the payment from the purchaser, and transmit the payment to the marketplace seller.
Persons that have an agreement with a marketplace facilitator pursuant to which the marketplace facilitator sales for the person.
A statistical study of the relationship between the fair cash values of various classes of property and corresponding sales prices. Individual ratios are calculated by taking the fair cash value divided by sales price. Overall median ratios for each property class are an indication of the true level of valuation for that class of property. Additional statistics are usually calculated as a part of a market value ratio study for the purpose of measuring uniformity of appraisals within a property class.
Calculated by adding all the ratios together and dividing by the number of ratios.
The midpoint or middle ratio when a set of ratios is ranked in order of magnitude from lowest to highest. If the number of ratios is even, then the middle two ratios are averaged to calculate the median ratio.
Any self-propelled, electrically powered four-wheeled motor vehicle, equipped with a roll cage or crush proof body design, whose speed attained in one mile is more than 30 miles per hour but not greater than 35 miles per hour.
A shareholder of an S-Corporation, a partner in a general partnership, a partner in a limited partnership, a partner in a limited liability partnership or a member of a limited liability company are all considered members of their respective organizations.
A foreign-manufactured import or domestic-manufactured vehicle powered by an internal combustion engine with a piston or rotor displacement of 1000 cu cm or less, which is 67 inches or less in width, with an unladen dry weight of 3400 pounds or less, traveling on four or more tires, having a top speed of approximately 55 miles per hour, equipped with a bed or compartment for hauling and having an enclosed passenger cab.
An IRS program that provides electronic filing and payment options for filers of corporation, employment tax, estates and trusts, excise tax, exempt organization, individual and partnership tax returns.
The last working day of each month all taxes are closed, and all checks received by the OTC are processed and deposited in the bank.
A commission approved non-OTC representative that operates a tag agency on behalf of the OTC. A tag agent is a self-employed independent contractor.
An authentication method in which a user is granted access to a resource only after successfully presenting two or more distinct pieces of evidence to an authentication mechanism.
The US standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five US territories.
Net pay is the amount of pay remaining after taxes and other deductions.
Utility trailers, boat trailers and farm trailers. These are not required to be titled.
Any motor vehicle or combination of motor vehicles that is not included in the definition of commercial motor vehicle.
An individual who did not reside in Oklahoma during the tax year or portion of the tax year and is not domiciled in Oklahoma or considered a part-year resident.
The date the seller signed the vehicle over to a new buyer in front of a notary.
A motorcycle used exclusively off roads or highways of this state.
The OTC’s OneLink motor vehicle public-facing web application for plate orders, renewals, requests, etc.
The OTC’s OneLink Oklahoma Taxpayer Access Point used for various electronic business and individual services.
A tool for software applications such as Fairfax and Laserfiche to read text from captured images.
A boat less than eight feet in length designed to be propelled solely by human power through a belt, chain or gears.
A partnership is a relationship between two or more persons who join together to carry on a trade or business. There are two types of business partnership structures:
An individual who resided in Oklahoma for a period of less than seven months during the tax year and is not domiciled in Oklahoma or considered a non-resident.
A business entity whose income is taxed as the owner’s personal income at the individual tax rate rather than as business income for tax purposes.
OTC assesses penalties for the failure to file a return or failure to pay on time. Interest is charged on late or unpaid taxes.
The Oklahoma State Board of Equalization audit which measures various assessment performance in all 77 counties to supplement the statutory equalization study.
A plate wherein the owner selects the color of the plate and the characters printed on the plate.
Information that can be used on its own or with other information to identify, contact or locate a single person, or to identify an individual in context.
The mean ratio divided by the weighted mean ratio. It is calculated as a measure of vertical assessment equity within a property class.
A taxpayer’s formal, written challenge to a proposed tax assessment or to the denial of a claim for refund of taxes paid.
A small square barcode printed on letters and forms with necessary information contained within the barcode for use by the OTC or the taxpayer.
A ratio is the mathematical calculation of fair cash value or sales price.
A vehicle declared as ‘salvage’, then the vehicle damage was repaired and inspected to become roadworthy again.
Receives consideration to advertise a seller’s products and transfers a buyer to the seller, facilitator or other party to complete a sale, without collecting a receipt from the purchaser.
An overpayment of taxes to be refunded or credited to the taxpayer.
Anyone other than a marketplace facilitator, marketplace seller or referrer, who does not maintain a place of business in Oklahoma, but who sells tangible personal property that would be subject to tax in Oklahoma.
A reporting period is a duration of time indicated for a tax liability.
A person who is domiciled in the state and a person who spends an aggregate of seven months residing in the state is presumed to be a resident, absent proof of the contrary. This is where a person’s permanent home is.
A report that a person sent to the government about the money that they have earned and the taxes that have been paid for a specific tax period.
The mail sent out by the OTC to a taxpayer but returned by USPS as undeliverable.
An Oklahoma record is placed on hold for a serial inspection.
A tax is levied on tangible goods and certain services that are provided in this state. If the transaction occurs within the boundaries of a county or municipality that also levies a sales tax, the applicable county or municipal sales tax must also be charged and collected.
A vehicle 10 model years or newer damaged by collision or other occurrence to the extent the cost of repairing the vehicle for safe operation on the highway exceeds 60% of its fair market value at the time of loss.
An individual, group or organization that owns one or more shares in a company and in whose name the share certificate is issued.
An option for reporting and remitting sales and use tax using the Streamlined Sales Tax Initiative.
An option available to small business taxpayers which simplifies some aspects of their income tax affairs.
If your refund check has been snagged, the OTC has applied all or part of the refund to a past due tax liability, penalty and interest.
Specially designed license plates created by either direct application or by legislative process. Requirements are outlined in Title 47 Sections 1135.2-1135.7 of the Oklahoma Statutes.
A tax levied on income by a state.
A law passed by a legislative body.
An initiative adopted nationwide, creating a simplified system to bring uniformity to definitions of items in the sales tax base, significantly reduce the paperwork burden on retailers and incorporate new technology to modernize many administrative procedures.
A seller registered under the Streamlined Sales Tax Agreement that has selected a CSP as its agent to perform all the seller's sales and use tax functions, other than the seller's obligation to remit tax on its own purchases.
A seller registered under the Streamlined Sales Tax Agreement that has selected a CAS to perform part of its sales and use tax functions but retains responsibility for remitting the tax.
A seller registered under the Streamlined Sales Tax Agreement that has sales in at least five member states, has total annual sales revenue of at least five hundred million dollars, has a proprietary system that calculates the amount of tax due each jurisdiction, and has entered into a performance agreement with the member states that establishes a tax performance standard for the seller. As used in this definition, a seller includes an affiliated group of sellers using the same proprietary system.
A seller that is registered under the Streamlined Sales Tax Agreement and is not a model one seller, a model two seller or a model three seller.
Something of value given to employees in addition to their regular wages.
An end-user of OTC’s information systems.
An agency owned by a motor license agent or MLA, that is an independent contractor who collects fees as outlined by state statute, and issues all documents prescribed by the OTC. The agent may also issue driver’s licenses for Department of Public Safety and provide notary services.
Renewing the annual registration for a vehicle.
Tax Counseling for the Elderly (TCE) sites help low to middle income taxpayers with special attention to senior citizens.
Free from federal and/or state taxes.
A web-based service that allows individual taxpayers or business owners to access accounts online.
A legal action that can be brought against someone by the state or federal government if they fail to pay their taxes, interest and penalties.
The conveyance from one person to another.
The U.S. Department of the Treasury, Bureau of the Fiscal Service (Fiscal Service) manages the Treasury Offset Program (TOP), which allows States to collect certain debts owed to them through the offset of various Federal payments.
An arrangement where a property interest is held by one person for the benefit of another.
Tax paid on tangible personal property purchased and brought into this state for storage, use or consumption. If the property is brought into a county or municipality that also levies a use tax, the applicable county or municipal use tax must be paid.
A vehicle powered by an internal combustion engine, manufactured and used exclusively for off-highway use, equipped with seating for two or more people and a steering wheel, traveling on four or more wheels.
Road motor vehicles, travel trailers, commercial trailers, manufactured homes, ATVs, utility vehicles and off-road motorcycles.
The receipt showing proof of ownership and that all taxes and fees have been paid.
The program mandated by law and administered by the counties to gather data about real property from physical examination of the property and improvements. To establish the fair cash values of properties, visual inspections are conducted at least once each four years and the fair cash values of similar properties on an annual basis are analyzed.
VITA sites offer free tax help for low to moderate income, generally $53,000 and below, taxpayers who cannot prepare their own tax returns.
A program providing the waiver of interest and penalty associated with an eligible Oklahoma tax liability.
If your refund has been intercepted, you will receive written notification from the intercepting agency and the OTC. To receive information regarding your intercepted refund, you will need to contact the agency that has intercepted your refund.
Calculated by summing all the fair cash values in a ratio study, summing all the sales prices and then dividing the first result by the second result.
An employer deducting taxes from the income of its employees or other persons to whom the employer pays wages.