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Assessment and Taxation

 

MEASURE 50 SUMMARY

  • Establishes a "Maximum Assessed Value"(MAV) for the 1997-98 tax year. Initially MAV is calculated as the property's 1995-96 assessed value less 10%.
  • Allows the adjustment of MAV to reflect changes in the property since July 1, 1995. Examples of changes to the property that can result in an adjusted MAV include but are not limited to the following: new construction, remodel/renovation/restoration, subdivision/consolidation, omitted property assessment, qualification/disqualification from exemption, special assessment or partial exemption. Changes in a property's value resulting from a change in the real estate market i.e. appreciation or depreciation does not change the MAV.
  • Adjustments to the MAV, as the result of changes to the property, are made in a manner to approximate the "added value" at it's 1995-96 less 10% value. Example: Adj. MAV = 1995-96 value of property less 10% + estimated 95-96 value less 10% of property changes.
  • Defines a property's taxable value as the "Assessed Value"(AV). AV is the lower of the "Real Market Value"(RMV) or MAV. Real Market Value(RMV) "means the amount in cash that could reasonably be expected to be paid by an informed buyer to an informed seller, each acting without compulsion in an arm's length transaction occurring as of the assessment date for the tax year". In the case of Farm, Forest , Historic and other "Special Assessed"(SA) properties, the AV is the lower of RMV, MAV or "Special Assessed Value"(SAV).
  • Limits future growth of the MAV to 3% per year plus adjustments for changes to the property as noted above.
  • Requires a statewide 17% average cut per taxing district in the taxes that would have been imposed under Measure 5 for the 1997-98 tax year.
  • Allows voters to approve short-term "local option" levies to fund existing or new operating levies.
  • Exempts taxes to repay bonded indebtedness, fund urban renewal or "local option" levies from the statewide 17% average cut in taxes.
  • Establishes permanent tax rates for each taxing district (i.e. city, county, schools etc.) based on the reduced imposed taxes (Measure 5 less 17%) and the new 1997-98 "Assessed Values" (AVs).
  • Measure 5 rate limits of $5/$1000 for schools and $10/$1000 for government remain in effect for operating levies, including "local option" levies.
  • The tax effect of Measure 50 will differ for each and every property in the state of Oregon. This is due to property specific taxes being based on property specific AV's and the imposed taxes of the taxing district levying taxes on the property.

EXAMPLE:

  1995-96 1997-98 1998-99
Real Market Value
(RMV):
$100,000 $125,000 $130,000
Maximum Assessed Value
(MAV):

$100,000 -10%
= $90,000
$90,000 x 1.03
= $92,700
Assessed Value: (AV) $100,000 $90,000
Lesser of
MAV/RMV
$92,700
Lesser of
MAV/RMV
Tax Rate: Measure 5 Rate
+ Bond and Urban
Renewal Rate
Permanent Rate +
Bond, Urban
Renewal and Local
Option Rate
Permanent Rate +
Bond, Urban
Renewal and Local
Option Rate
Property Tax: Measure 5 Tax Measure 50 Tax
w/ Measure 5 Rate

Limitation
Measure 50 Tax
w/ Measure 5 Rate
Limitation

Note: If changes in the property's value were made since 7/1/95, then the MAV would be adjusted accordingly.


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