- 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
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"
- 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
more information on property taxes, use the links below:
History of Oregon Property Taxation
Property Taxes work in Oregon