OAR 150-311-0656
Deferral criteria when applying with a reverse mortgage

(1) For purposes of this rule:
(a) “Debt” means the current balances due on all liens, judgments, or other outstanding obligations or encumbrances of any kind against the property, regardless of priority.
(b) “Home value” means the real market value shown on the last certified tax roll for the homestead, adjusted by multiplying by the year-over-year percentage change in the Federal Housing Finance Agency House Price Index for Oregon, fourth quarter. Information provided by the deferral applicant for use in determining their home value may also be considered at the discretion of the department.
(2) For homesteads that were in the property tax deferral program before July 1, 2011 and subject to a reverse mortgage entered into before 2011, no equity test is required and sections (3) to (6) of this rule are not applicable.
(3) For homesteads subject to reverse mortgages entered into on or after July 1, 2011, and before January 1, 2017, the homestead must meet an equity test set forth in ORS 311.700 (Deed or contract clauses prohibiting application for deferral are void)(3)(b) at the time of application for deferral. The equity percentage of the property shall be determined as described in section (4) of this rule.
(4) Equity equals the home value minus the debt. The equity percentage is calculated by dividing the equity by the home value.
(5) To assist the department in calculating the equity percentage in the property, deferral program applicants must provide the department with all the following information along with the application:
(a) A mortgage statement for each mortgage currently secured against the house that is issued no more than one month prior to the date the application is submitted which shows the current balance due.
(b) The most recent statement(s) of all other debts secured against the property showing the current balance(s) due.
(6) The department may require a title encumbrance report issued by a title company be provided by the applicant at any time.
[Publications: Contact the Oregon Department of Revenue for information about how to obtain a copy of the publication referred to or incorporated by reference in this rule pursuant to ORS 183.360 (Publication of rules and orders)(2) and ORS 183.355 (Filing and taking effect of rules)(1)(b).]

Source: Rule 150-311-0656 — Deferral criteria when applying with a reverse mortgage, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=150-311-0656.

150‑311‑0100
Applying Offsets to Ad Valorem Tax Levies 150‑311‑0110
Form of Roll Changes and Notations 150‑311‑0140
What Is a Clerical Error 150‑311‑0150
Error Corrections and Valuation Judgment Under ORS 311.205 150‑311‑0160
Roll Correction for Nonexistent Property 150‑311‑0170
What is an “Error or Omission on the Roll of Any Kind” 150‑311‑0180
Corrections to County Assessment and Tax Rolls Made Under ORS 311.206 150‑311‑0190
Taxes Added to the Tax Roll as a Result of Error Correction 150‑311‑0200
Definition of “Distribute in the Same Manner as Other ad Valorem Property Taxes Imposed on the Property” for Error Corrections 150‑311‑0210
Property Subject to Assessment as Omitted Property 150‑311‑0220
Date Roll Corrected 150‑311‑0230
Definitions 150‑311‑0240
Procedure to Correct MAV When Square Footage Error Exists 150‑311‑0250
Contents of Property Tax Statements 150‑311‑0260
Prepayment of Property Taxes 150‑311‑0350
Written Direction Required for Payment Application from Agents Who Pay Taxes on Behalf of Taxpayer 150‑311‑0360
Monthly Tax Distributions to Districts 150‑311‑0500
Discount on Taxes as a Result of Addition of Current Year Value under ORS 311.208 150‑311‑0520
Date Property Becomes Exempt when Foreclosed by City for Delinquent Assessment Liens 150‑311‑0530
Interest on City Foreclosed Property 150‑311‑0540
“Certificate of Delinquency” Defined 150‑311‑0550
Interest on State of Oregon Foreclosed Property 150‑311‑0560
Fee for Service of Warrant Under ORS 311.605 to ORS 311.635 150‑311‑0570
Charges on the Personal Property Warrant 150‑311‑0650
Homestead Requirements 150‑311‑0656
Deferral criteria when applying with a reverse mortgage 150‑311‑0660
Data Requirements for Property Description on Tax Deferral Application 150‑311‑0670
Deferred Taxes Paid by the Department 150‑311‑0680
Senior Citizen’s Deferred Tax Lien Estimate 150‑311‑0690
Timing and Repayment of Disqualified, Cancelled or Inactivated Accounts Under the Property Tax Deferral Program 150‑311‑0700
Election by Spouse to Continue Tax Deferral 150‑311‑0710
Voluntary Payments on Property Tax Deferral Accounts 150‑311‑0720
Taxes Unpaid Before Approval of Senior Deferral Application 150‑311‑0730
Data Requirements for Property Description on Special Assessments Application 150‑311‑0740
Recording Special Assessment Deferral Liens in County 150‑311‑0750
Assessment District’s Responsibility to Collect Payments 150‑311‑0760
Process for Determining Recipient of Property Tax Refund 150‑311‑0770
Refunds Paid from the Unsegregated Tax Account 150‑311‑0780
Credit Balance Adjustment 150‑311‑0790
Refund Reserve Account 150‑311‑0800
Calculation of Interest on Refund 150‑311‑0810
Value Used to Activate Refund Reserve Account 150‑311‑0820
Prepayment of Ad Valorem Taxes, Computation of Accrued Interest, Allocation of Pay 150‑311‑0830
Determination of the Real Market Value Reduction Amount
Last Updated

Jun. 8, 2021

Rule 150-311-0656’s source at or​.us