Property Subject to Assessment as Omitted Property
(1)Omitted property includes any real or personal property, or part thereof, that has been omitted from the certified assessment and tax roll for any reason. Omitted property may include, but is not limited to, a separate freestanding structure or improvement, an addition that increases the square footage of a structure or improvement, a remodel which increases a structure’s real market value, or real or personal property machinery and equipment.
(2)Property may be added to the roll under ORS 311.216 (Notice of intention to add omitted property to rolls) if:
(a)Omitted due to the assessor’s lack of knowledge of its existence,
(b)Improvements are added to or made a part of a property after that property has been physically appraised, and are later discovered by the assessor,
(c)Improvements have been included in error on another account,
(d)Omitted from a return filed pursuant to ORS 308.290 (Returns), including understatement of costs for new property or improvements to property, or
(e)Omitted for any other reason.
(3)Improvements which are in existence and are an integral part of property which is physically appraised may not later be revalued and added as omitted property under ORS 311.216 (Notice of intention to add omitted property to rolls). Undervaluation of a property due to the assessor’s failure to consider a portion of the property is not omitted property correctable under 311.216 (Notice of intention to add omitted property to rolls).
(4)When omitted property is discovered and its contribution to an account’s value is added under ORS 311.216 (Notice of intention to add omitted property to rolls), the value of the previously existing portion of the account cannot be adjusted.
Rule 150-311-0210 — Property Subject to Assessment as Omitted Property,