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Assessment and Taxation

 

MEASURE 50 SUMMARY

  • Established 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.
  • 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.
  • 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.

 

For more information on property taxes, use the links below:

 

Brief History of Oregon Property Taxation

 

How Property Taxes work in Oregon

 


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