Oregon Statutes 358.505 – Determination of specially assessed value, maximum assessed value and assessed value of historic property; appeals
(1)(a) Except as provided in paragraphs (b) and (c) of this subsection, for property certified for special assessment as historic property under ORS § 358.490, the county assessor shall for 10 consecutive tax years list on the assessment and tax roll a specially assessed value that equals the real market value of the property at the time application was made under ORS § 358.487.
Terms Used In Oregon Statutes 358.505
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
(b) If the property certified for special assessment as historic property is a condominium unit being assessed upon initial sale by the developer, the county assessor shall for the tax years of the remaining term of historic property special assessment list on the assessment and tax roll a specially assessed value that equals the real market value of the property for the tax year in which the initial sale took place.
(c) For property certified under ORS § 358.490 for a second term of special assessment as historic property under ORS § 358.540, the county assessor shall, for 10 consecutive tax years after the date of the filing of the application under ORS § 358.487 for the second term, list on the assessment and tax roll a specially assessed value that equals the real market value of the property for the assessment year in which the application is made.
(2)(a)(A) Notwithstanding ORS § 308.149 (2), and except as provided in subparagraph (B) of this paragraph, for the first tax year of an initial or second 10-year period of historic property special assessment, the maximum assessed value of property subject to historic property special assessment shall equal the specially assessed value of the property as determined under subsection (1) of this section multiplied by the ratio, not greater than 1.00, of the maximum assessed value the property would have had from the prior year if the property were not specially assessed over the real market value of the property from the prior year.
(B) If the property was specially assessed or exempt in the prior year, for the first tax year of an initial or second 10-year period of historic property special assessment, the maximum assessed value of the property subject to historic property special assessment shall equal the specially assessed value of the property multiplied by the ratio of the maximum assessed value the property would have had if disqualified from the special assessment or exemption in the prior year over the real market value of the property from the prior year.
(b) For each tax year after the first tax year during which the property is subject to special assessment as historic property, the property’s maximum assessed value equals 103 percent of the property’s assessed value from the prior year or 100 percent of the property’s maximum assessed value from the prior year, whichever is greater.
(3) The assessed value of property that is classified as historic property for the tax year shall equal the least of:
(a) The property’s specially assessed value as determined under subsection (1) of this section;
(b) The property’s maximum assessed value as determined under subsection (2) of this section; or
(c) The property’s real market value as of the assessment date for the tax year.
(4) The entitlement of property to the special assessment provisions of this section shall be determined as of July 1. If the property becomes disqualified on or after July 1, its assessment for that year shall continue as provided in this section.
(5) Assessed value, as defined and determined under ORS § 308.146, shall be determined for property classified as historic property by the county assessor each year. The assessed value so determined for any year shall be subject to appeal to the county property value appeals board within the time and in the manner provided in ORS Chapter 309 and shall be subject to appeal thereafter to the Oregon Tax Court and to the Oregon Supreme Court within the time and in the manner provided for appeals of value determination for purposes of ad valorem property taxation. [1975 c.514 § 6; 1981 c.804 § 97; 1983 c.720 § 6; 1985 c.565 § 63; 1991 c.459 § 325; 1995 c.5 § 9; 1995 c.650 § 80; 1995 c.693 § 6; 1997 c.541 429,430; 2001 c.540 § 8; 2009 c.892 § 8; 2017 c.17 § 30; 2022 c.50 § 3; 2023 c.29 § 40]
The amendments to 358.505 by section 40, chapter 29, Oregon Laws 2023, become operative July 1, 2024. See section 43, chapter 29, Oregon Laws 2023. The text that is operative until July 1, 2024, is set forth for the user’s convenience.
(1)(a) Except as provided in paragraphs (b) and (c) of this subsection, for property certified for special assessment as historic property under ORS § 358.490, the county assessor shall for 10 consecutive tax years list on the assessment and tax roll a specially assessed value that equals the real market value of the property at the time application was made under ORS § 358.487.
(b) If the property certified for special assessment as historic property is a condominium unit being assessed upon initial sale by the developer, the county assessor shall for the tax years of the remaining term of historic property special assessment list on the assessment and tax roll a specially assessed value that equals the real market value of the property for the tax year in which the initial sale took place.
(c) For property certified under ORS § 358.490 for a second term of special assessment as historic property under ORS § 358.540, the county assessor shall, for 10 consecutive tax years after the date of the filing of the application under ORS § 358.487 for the second term, list on the assessment and tax roll a specially assessed value that equals the real market value of the property for the assessment year in which the application is made.
(2)(a)(A) Notwithstanding ORS § 308.149 (2), and except as provided in subparagraph (B) of this paragraph, for the first tax year of an initial or second 10-year period of historic property special assessment, the maximum assessed value of property subject to historic property special assessment shall equal the specially assessed value of the property as determined under subsection (1) of this section multiplied by the ratio, not greater than 1.00, of the maximum assessed value the property would have had from the prior year if the property were not specially assessed over the real market value of the property from the prior year.
(B) If the property was specially assessed or exempt in the prior year, for the first tax year of an initial or second 10-year period of historic property special assessment, the maximum assessed value of the property subject to historic property special assessment shall equal the specially assessed value of the property multiplied by the ratio of the maximum assessed value the property would have had if disqualified from the special assessment or exemption in the prior year over the real market value of the property from the prior year.
(b) For each tax year after the first tax year during which the property is subject to special assessment as historic property, the property’s maximum assessed value equals 103 percent of the property’s assessed value from the prior year or 100 percent of the property’s maximum assessed value from the prior year, whichever is greater.
(3) The assessed value of property that is classified as historic property for the tax year shall equal the least of:
(a) The property’s specially assessed value as determined under subsection (1) of this section;
(b) The property’s maximum assessed value as determined under subsection (2) of this section; or
(c) The property’s real market value as of the assessment date for the tax year.
(4) The entitlement of property to the special assessment provisions of this section shall be determined as of July 1. If the property becomes disqualified on or after July 1, its assessment for that year shall continue as provided in this section.
(5) Assessed value, as defined and determined under ORS § 308.146, shall be determined for property classified as historic property by the county assessor each year. The assessed value so determined for any year shall be subject to appeal to the county board of property tax appeals within the time and in the manner provided in ORS Chapter 309 and shall be subject to appeal thereafter to the Oregon Tax Court and to the Oregon Supreme Court within the time and in the manner provided for appeals of value determination for purposes of ad valorem property taxation.
[1957 c.196 § 4; repealed by 1957 c.196 § 10]
[1997 c.541 § 433; repealed by 2001 c.540 § 26]
[1957 c.196 § 5; repealed by 1957 c.196 § 10]
(Review)