(1) The maximum assessed value and assessed value of a homesite shall be determined as provided in this section.

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(2) A homesite shall have an assessed value for ad valorem property tax purposes for the tax year equal to the lesser of the homesite’s maximum assessed value or homesite value.

(3) The homesite value for purposes of ORS § 308A.250 to 308A.259 shall equal the real market value of the bare land of the total parcel and contiguous acres under same ownership, as determined under ORS § 308.205, divided by the number of acres in the total parcel and contiguous acres under the same ownership, plus the lesser of:

(a) $4,000; or

(b) The depreciated replacement cost of land improvements necessary to establish the homesite.

(4) For the purposes of establishing a homesite value, the value of one acre of land for each homesite, as determined in subsection (3) of this section shall be used.

(5) The homesite’s maximum assessed value shall equal 103 percent of the homesite’s assessed value for the previous tax year or 100 percent of the homesite’s maximum assessed value for the previous tax year, whichever is greater.

(6) For the first tax year for which property constitutes a homesite under this section, the homesite’s maximum assessed value shall equal the homesite’s value as determined under subsection (3) of this section multiplied by the ratio of average maximum assessed value to real market value of the residential property class in the county. [Formerly 308.377; 2003 c.169 § 2]