OAR 150-311-0800
Calculation of Interest on Refund

(1)

Interest on refunds is based on the method the taxpayer used to pay taxes. Interest is calculated from the first trimester due date if full payment, or two-thirds payment, was made with a discount on or before November 15. If payments were made on the installment basis, interest is calculated on the amount overpaid as of each trimester due date or date of payment, whichever is later. Refund interest accrues at the rate specified in ORS 311.812 (No interest on refunds under ORS 311.806)(3) until paid.

(2)

When the taxpayer pays in full, with discount, on or before the first trimester due date, interest is calculated on the amount overpaid from that date.
Example: The 2000–01 tax statement for $4,000 was corrected to $400 resulting in an overpayment of tax. The original tax less discount was paid in full October 17, 2000. The refund on the corrected tax is issued February 19, 2001 and includes interest calculated from the due date, November 15, 2000, to the date of refund, February 19, 2001. [Table not included. See ED. NOTE.]

(3)

When the taxpayer chooses to pay in trimesters, interest is calculated on the amount overpaid on each trimester due date when there is no balance on the account. When there is a balance on the account in the year for which overpayment occurred, the overpayment is credited to the trimester(s) still outstanding. No refund interest is paid until the overpayment exceeds the total amount of corrected tax.

(a)

When trimester payments are made timely, the overpayment is credited as follows:
Example: The 2000–01 tax statement for $3,000 was corrected to $2,400. Two trimester payments were made timely. The correction is made March 15, 2001. [Table not included. See ED. NOTE.]

(b)

When two trimester payments are made after the due date and accrued interest has been calculated, the overpayment is credited as follows:
Example: The 2000–01 tax statement for $3,000 was corrected to $2,400. The first trimester payment was made November 20, 2000; the second trimester payment was made February 20, 2001; the account is corrected March 20, 2001. [Table not included. See ED. NOTE.]

(4)

When timely payment for the first trimester is sufficient to pay two-thirds or more of the corrected tax, then the corresponding discount must be credited.

(a)

When all three trimester payments have been made timely, the overpayment is credited as follows:
Example: The 2000–01 tax statement for $3,000 was corrected to $400. All trimester payments were made on or before the due dates. The correction is made June 15, 2001. The original payment for the first trimester covers the full corrected tax so the three percent discount is granted. [Table not included. See ED. NOTE.]

(b)

When two trimester payments have been made timely, the overpayment is credited as follows:
Example: The 2000–01 tax statement for $3,000 was corrected to $300. Two trimester payments were made timely. The correction was made and the refund was issued on March 15, 2001. The original payment for the first trimester covered the full corrected tax so the three percent discount was granted. [Table not included. See ED. NOTE.]

(c)

When the first trimester payment is made timely, the overpayment is credited as follows:
Example: The 2000-01 tax statement for $2,400 was corrected to $1,200. The first trimester payment was made timely. The correction was made on January 15, 2001. Since the original payment for the first trimester payment covers the corrected first and second trimester payments, a 2% discount is calculated on the full original trimester payment. [Table not included. See ED. NOTE.]

(5)

Refund interest is not paid on an overpayment of delinquent interest. Refund interest accrues only on the tax principal overpaid. Any difference between the original late payment interest and the correct late payment interest is also included in the amount to be refunded.
Example: The 2000-01 tax statement for $4,000 was corrected to $400. Full payment was made November 20, 2000. The refund was made March 19, 2001. [Table not included. See ED. NOTE.]
Interest on the overpayment is paid from DATE OF LATE PAYMENT to date of refund (11⁄20 to 3⁄19).
[ED. NOTE: To view attachments referenced in rule text, click here to view rule.]

Source: Rule 150-311-0800 — Calculation of Interest on Refund, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=150-311-0800.

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 150-311-0800’s source at or​.us