The State Board of Equalization was established in 1907 by the Oklahoma Constitution. The Board is responsible for providing an official estimate of how much revenue will be available for the Oklahoma Legislature to budget for the coming year. The seven-member Board is composed of six statewide elected officials – the Governor, Lieutenant-Governor, Attorney General, Treasurer, Superintendent of Instruction, and State Auditor – plus the Secretary of Agriculture.
Three times a year, in December, February and June, the Board meets to certify estimates for the upcoming budget year. Estimates are prepared by the Oklahoma Tax Commission and other agencies (see Revenue Estimates). The Board is also responsible for assessing taxable property values for entities such as public service companies, railroads, and airlines. Each Oklahoma county has its own Board of Equalization that settles disagreements between county assessors and property owners about the taxable value of property.