(1) All personal property not exempt from ad valorem taxation or subject to special assessment shall be valued at 100 percent of its real market value, as of January 1, at 1:00 a.m. and shall be assessed at its assessed value determined as provided in ORS § 308.146.

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(2) Notwithstanding subsection (1) of this section:

(a) If the total assessed value of all taxable personal property of any taxpayer assessable in any county that is required to be reported under ORS § 308.290, and of all residential floating structures of the taxpayer assessable in the county that are not required to be reported under ORS § 308.290 (1)(b)(C), is less than $12,500 in any assessment year, the property is not subject to ad valorem property taxation for that year.

(b) Manufactured structures of a taxpayer are not subject to ad valorem property taxation for any assessment year in which, in a county with a population of more than 340,000 but less than or equal to 570,000, the total assessed value of all manufactured structures taxable as personal property under ORS § 308.875 of the taxpayer is less than $12,500.

(3)(a) Notwithstanding subsection (1) of this section, manufactured structures of a taxpayer are not subject to ad valorem property taxation for any assessment year in which, in a county with a population of more than 570,000, the total assessed value of all manufactured structures taxable as personal property under ORS § 308.875 of the taxpayer is less than:

(A) $25,000; or

(B) A maximum dollar amount of $25,000 or more, if adopted by the governing body of the county for the assessment year.

(b) Notwithstanding subsection (1) of this section, the governing body of a county with a population of more than 570,000 may grant a partial exemption for all manufactured structures taxable as personal property in a dollar amount adopted by the county. The dollar amount shall be subtracted from the total assessed value of the property.

(c) The governing body of a county that adopts a dollar amount under paragraph (a)(B) or (b) of this subsection must notify the county assessor on or before January 1 of the assessment year for which the county first intends the dollar amount to apply.

(4)(a) On or around January 1 of each year, the county assessor may provide notice to each taxpayer whose taxable personal property is not subject to ad valorem property taxation for the current property tax year under subsection (2)(a) of this section.

(b) Notice provided under this subsection shall:

(A) State that the taxpayer’s personal property is not subject to ad valorem property taxation for the current property tax year.

(B) Include a form prescribed by the Department of Revenue by rule on which the taxpayer may attest by signing the form that the taxpayer has not added or deleted any taxable personal property since the prior assessment year.

(C) State that, if the taxpayer has added or deleted personal property since the prior assessment year, the taxpayer is required to submit to the county assessor a signed business personal property return with an updated asset detail list on or before March 15.

(c) A signed form returned to the county assessor within the time required under ORS § 308.290 shall be sufficient to make the taxable personal property of the taxpayer identified in the notice not subject to ad valorem property taxation for the subsequent property tax year.

(5)(a) For each tax year beginning on or after July 1, 2003, the Department of Revenue shall recompute the maximum amount of the assessed value of taxable personal property in subsections (2)(a) and (b) and (3)(a)(A) and (B) of this section as follows:

(A) Divide the average Consumer Price Index for All Urban Consumers, West Region, for the prior calendar year by the average U.S. City Average Consumer Price Index for 2002.

(B) Recompute the maximum amount of assessed value under subsection (2)(a) or (b) of this section by multiplying $12,500 or $25,000, as applicable, by the appropriate indexing factor determined as provided in subparagraph (A) of this paragraph.

(b) As used in this subsection:

(A) ‘Consumer Price Index for All Urban Consumers, West Region’ means the Consumer Price Index for All Urban Consumers, West Region (All Items), as published by the Bureau of Labor Statistics of the United States Department of Labor.

(B) ‘U.S. City Average Consumer Price Index’ means the U.S. City Average Consumer Price Index for All Urban Consumers (All Items) as published by the Bureau of Labor Statistics of the United States Department of Labor.

(c) If any change in the maximum amount of assessed value determined under paragraph (a) of this subsection is not a multiple of $500, the increase shall be rounded to the nearest multiple of $500. [Amended by 1953 c.349 § 3; 1959 c.553 § 1; 1965 c.429 § 3; 1971 c.529 § 34; 1971 c.610 § 1; 1973 c.62 § 1; 1979 c.529 § 3; 1979 c.692 § 4; 1981 c.804 § 41; 1985 c.422 § 1; 1985 c.613 § 9; 1991 c.459 § 101; 1993 c.813 § 1; 1995 c.513 § 4; 1997 c.541 § 163; 1997 c.819 § 1; 2001 c.479 § 1; 2003 c.63 § 1; 2007 c.613 § 2; 2010 c.69 1,2; 2013 c.205 § 1; 2015 c.38 § 2; 2015 c.217 § 1; 2017 c.420 § 1; 2019 c.533 § 1; 2022 c.96 § 3; 2023 c.172 § 2]

[1985 c.416 § 2; 1991 c.459 § 102; repealed by 2003 c.655 § 143]

[Amended by 1955 c.735 § 7; repealed by 1957 c.342 § 1 (308.256 enacted in lieu of 308.110 and 308.255)]