ORS 308.490
Determining value of homes for elderly persons

(1)

The Legislative Assembly finds that ordinary methods of determining the assessed value of real property, particularly by consideration of the cost of replacing a structure with a similar and comparable one of equivalent utility, are not appropriate with respect to property of nonprofit homes for elderly persons, operated by corporations described in ORS 307.375 (Type of corporation to which exemption under ORS 307.370 applicable). The Legislative Assembly declares that the benefits inherent in operation of these homes, especially in the housing and care furnished to elderly persons for whom this state and its political subdivisions otherwise might be responsible, justifies the use of criteria set out in subsection (2) of this section.

(2)

In determining the assessed value of the property of a nonprofit home for elderly persons, operated by a corporation described in ORS 307.375 (Type of corporation to which exemption under ORS 307.370 applicable), the county assessor shall not take into account considerations of replacement cost, but shall consider:

(a)

The amount of money or money’s worth for which the property may be exchanged within a reasonable period of time under conditions in which both parties to the exchange are able, willing and reasonably well informed.

(b)

The gross income that reasonably could be expected from the property if leased or rented to the public generally, less annual operating expenses, reserves for replacements and insurance, depreciation and taxes.

(c)

The relative supply and demand for similar properties.

(d)

The relative value of the location of the property. [1969 c.587 §8; 1981 c.624 §12; 1983 s.s. c.5 §7; 1991 c.459 §138; 1997 c.541 §202]

Source: Section 308.490 — Determining value of homes for elderly persons, https://www.­oregonlegislature.­gov/bills_laws/ors/ors308.­html.

Notes of Decisions

Where property value is determined using income approach that deducts for depreciation, no adjustment should be made for effect government use restrictions have on property value. Gangle v. Dept. of Rev., 13 OTR 343 (1995)

Requirement that in lieu of replacement value county assessor “shall consider” listed evaluation methods made use of evaluation method optional, but did not make inclusion of identified deductions optional when method was used. Gangle v. Dept. of Revenue, 320 Or 494 887 P2d 784 (1995)

Special assessment is available without regard to financial means of elderly persons served by home. Polk County v. Dept. of Revenue, 14 OTR 476 (1998)

Determination of income that could reasonably be expected if building is leased or rented to general public requires consideration of rent that building could obtain in open market without regard to fact property is devoted to housing elderly. St. Catherine’s Residence, Inc. v. Dept. of Revenue, 14 OTR 500 (1998); Hope Village, Inc. v. Dept. of Revenue, 17 OTR 370 (2004)

Legislative declaration that ordinary valuation methods are inappropriate with respect to homes for elderly indicates that income approach to valuation should be given substantially greater weight than sales comparison approach. Polk County v. Dept. of Revenue, 14 OTR 566 (1999)

Determination of amount for which property may be exchanged requires ordinary sales approach with sales of comparable elderly housing properties used where available. Hope Village, Inc. v. Dept. of Revenue, 17 OTR 370 (2004)

To determine gross income, deduction for annual operating expenses, reserves for replacement and insurance and depreciation are allowed only if related to hypothetical rental of housing to public generally. Hope Village, Inc. v. Dept. of Revenue, 17 OTR 370 (2004)

Market-derived capitalization rate to be used in determining expected gross income is rate for general housing properties, with property taxes included as element in rate. Hope Village, Inc. v. Dept. of Revenue, 17 OTR 370 (2004)

308.005
“Assessor” includes deputy 308.007
Definitions 308.010
Registered appraiser requirements 308.015
Alternate qualifications for registered appraisers 308.030
Penalty for failure to file certain statements within time limits 308.050
Assessor’s annual report on property appraisal program 308.055
Special assessor appointed if assessor fails to act 308.057
Continuing education of county assessors required 308.059
Qualifications of managerial employees of assessor 308.062
Action by department when appraisals not being conducted as provided by law 308.065
Administering of oaths by assessors and deputies 308.105
Personal property 308.115
Minerals, coal, oil, gas or other severable interests owned separately from realty not subject to tax 308.120
Partnership property 308.125
Undivided interest 308.130
Undivided estate of decedent 308.135
Trustee or personal representative separately assessed 308.142
“Property” and “property tax account” defined 308.146
Determination of maximum assessed value and assessed value 308.149
Definitions for ORS 308.149 to 308.166 308.151
Certain cities authorized to define “area” as city by ordinance or resolution 308.153
New property and new improvements to property 308.156
Subdivision or partition 308.159
Lot line adjustments 308.162
Property tax account modifications 308.166
Ordering provisions when property is subject to multiple special determinations of value 308.205
Real market value defined 308.207
Computation of real market value for taxing or bonding limitations 308.210
Assessing property 308.212
Requirement for property owner to file address 308.215
Contents of assessment roll 308.217
Form of assessment and tax rolls 308.219
Assessment and tax rolls 308.225
Boundary changes 308.231
Only registered appraisers to appraise real property 308.232
Property to be valued at 100 percent real market value and assessed at assessed value 308.233
Use of sales data for physical appraisal 308.234
Record of last appraisal 308.235
Valuation of real property 308.236
Land values to reflect presence of roads 308.240
Description of real property 308.242
Assessor’s authority to change roll after September 25 limited 308.245
Maps 308.250
Valuation and assessment of personal property 308.256
Assessment, taxation and exemption of watercraft and materials of shipyards, ship repair facilities and offshore drilling rigs 308.260
Watercraft used for reduction or processing of deep-sea fish 308.270
Public lands sold or contracted to be sold to be placed on assessment roll 308.275
Use of reproduction cost or prices and costs in determining assessed values 308.285
Requiring taxpayer to furnish list of taxable property 308.290
Returns 308.295
Penalties for failure to file real property or combined return on time 308.296
Penalty for failure to file return reporting only personal property 308.297
Personal property returns to note penalty for delinquency 308.300
Penalty for neglecting to file real property or combined return with intent to evade taxation 308.302
Disposition of penalties 308.310
When list of persons issued electrical permits supplied 308.316
Examining witnesses, books and records 308.320
Oath of assessor upon completion of assessment roll 308.330
Duty of assessor to assess properly 308.335
Department testing work of county assessors 308.408
“Industrial plant” defined 308.411
Appraisal and real market valuation of industrial plants 308.412
Effect of election to exclude income approach to value under prior law 308.413
Confidential information furnished under ORS 308.411 308.425
Proration of taxes after destruction or damage 308.440
Relief not allowed in case of arson by property owner 308.450
Definitions for ORS 308.450 to 308.481 308.453
Policy 308.456
Application of ORS 308.450 to 308.481 308.457
Determining boundaries of distressed areas 308.459
Valuation of rehabilitated property not to be increased 308.462
Qualifications for limited assessment 308.466
Processing applications for limited assessment 308.468
Fee for limited assessment applications 308.471
Owner to file statement with governing body when rehabilitation project finished 308.474
Owner to file annual statement regarding rental property transactions if agreement filed under ORS 308.462 (2) 308.477
Termination of limited assessment for incomplete construction or noncompliance 308.479
Termination of limited assessment for change of use 308.481
Extending deadline for completion of rehabilitation project 308.490
Determining value of homes for elderly persons 308.505
Definitions for ORS 308.505 to 308.674 308.510
Real and personal property classified for ORS 308.505 to 308.674 308.515
Department to make annual assessment of designated utilities and companies 308.516
Certain exceptions to ORS 308.515 308.517
To whom property assessed 308.518
Legislative intention with respect to ownership or operation of data centers 308.519
Local assessment of data center property 308.521
Property of cooperative providing steam or hot water heat by combustion of biomass exempt 308.524
Companies to file statements 308.525
Contents of statement 308.530
Company not relieved from making other reports 308.535
Extension of time for making reports or statements 308.540
Department to prepare assessment roll 308.545
Mode of valuing property 308.550
Valuing property of company operating both within and without state 308.555
Unit valuation of property 308.558
Taxation of aircraft 308.560
Assessment roll 308.565
Apportionment of assessment among counties 308.570
Determining value per mile of main and branch lines of companies using rail lines 308.575
Determining value per mile of property of companies using wire, pipe or pole lines or operational routes 308.580
Department to review and correct tentative assessment roll 308.582
Notice of tentative assessment 308.584
Request for conference to modify tentative assessment 308.585
Delivery of tentative assessment roll to director 308.590
Review and correction of tentative assessment roll 308.595
Notice when valuation increased or omitted property placed on tentative assessment roll 308.600
Director’s examination of rolls 308.605
Entry of corrections and changes 308.610
Oath of director upon completion of review 308.615
Keeping roll as public record 308.621
When assessment complete 308.624
Correction of certified roll 308.628
Omitted property subject to assessment 308.632
Notice of intention to add omitted property to assessment roll 308.636
Correction of assessment roll to reflect omitted property 308.640
Assessment and taxation of personal property of small private railcar companies 308.645
Reports by companies of mileage to county assessors 308.650
Companies to maintain principal office and agent within state 308.655
Rules and regulations 308.665
Railroad car exemption 308.671
Elective exemption of certain communication-related property 308.674
Exemption equal to difference between real market value of company’s centrally assessable property and 130 percent of cost of company’s centrally assessable real and tangible personal property 308.701
Definitions for ORS 308.701 to 308.724 308.704
Option of owner to choose special assessment 308.707
Valuation of multiunit rental property subject to special assessment 308.709
Application procedure 308.712
Methods to determine specially assessed value 308.714
Disqualification 308.723
Application of property tax expenditure funding 308.724
Rules 308.805
Mutual and cooperative electric distribution systems subject to tax on gross earnings 308.807
Amount of tax 308.810
Association to file statement 308.815
Examination of return by department 308.820
Tax as a lien 308.865
Notice and payment of taxes before movement of mobile modular unit 308.866
Definition of “mobile modular unit” 308.875
Manufactured structures classified as real or personal property 308.880
Travel or special use trailer eligible for ad valorem taxation upon application of owner 308.885
Determination of real market value of manufactured structure without physical appraisal 308.990
Penalties
Green check means up to date. Up to date

Current through early 2024

§ 308.490’s source at oregon​.gov