ORS 309.115
Term of order correcting real market value

  • permissible adjustments
  • exceptions

(1)

If the Department of Revenue, the board of property tax appeals or the tax court or other court enters an order correcting the real market value of a separate assessment of property and there is no further appeal from that order, except as provided under subsection (2) or (3) of this section, the value so entered shall be the real market value entered on the assessment and tax rolls for the five assessment years next following the year for which the order is entered.

(2)

Notwithstanding subsection (1) of this section, the following adjustments may be made to the real market value during the period described in subsection (1) of this section:

(a)

Annual trending or indexing applied to all properties of the same property class in the county, or within clearly defined areas of the county under this chapter.

(b)

Annual trending or depreciation factors applied to similar property.

(c)

Additions or retirements based upon returns filed under ORS 308.290 (Returns).

(d)

Additions, retirements or economic trending from the annual valuations under ORS 308.505 (Definitions for ORS 308.505 to 308.674) to 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).

(e)

Increases directly related to additions, remodeling or rehabilitation made to property.

(f)

Changes directly related to subdividing or partitioning the property.

(g)

Changes directly related to rezoning the property and using the property consistent with the rezoning.

(h)

Property damaged, destroyed or otherwise subject to loss of real market value.

(i)

Changes indicated by a subsequent sale of the property.

(3)

In the case of state-appraised industrial property as defined in ORS 306.126 (Appraisal of industrial property by department), subsection (1) of this section does not apply to changes in real market value as a result of:

(a)

Annual trending or depreciation factors applied by type of property to industrial or personal property;

(b)

Additions or retirements based upon returns filed under ORS 308.290 (Returns); or

(c)

Property damaged, destroyed or otherwise subject to loss of real market value.

(4)

If, during the five-year period described in subsection (1) of this section, another order correcting the real market value of the property subject to subsection (1) of this section is entered, subsection (1) of this section shall apply for the five assessment years next following the year the later order is entered. [1989 c.678 §2; 1991 c.459 §198a; 1995 c.650 §65; 1997 c.154 §§45,46; 1997 c.541 §§234,235; 1999 c.579 §28; 2001 c.6 §1; 2015 c.36 §12; 2019 c.380 §1]

Source: Section 309.115 — Term of order correcting real market value; permissible adjustments; exceptions, https://www.­oregonlegislature.­gov/bills_laws/ors/ors309.­html.

Notes of Decisions

This section does not bar taxpayer from appealing on ground that tax administrator incorrectly applied section in adjusting property value; but taxpayer may not appeal true cash value and at same time claim benefit of this section. Pacificorp v. Dept. of Rev., 11 OTR 463 (1990)

This section does not prevent assessor from increasing assessed value based on trending. Surrett v. Dept. of Rev., 12 OTR 81 (1991)

Where, with certain exceptions, value of property ordered on appeal for tax year is fixed for next five years pursuant to this section, evidence showing lesser value for property for year fixed will be disregarded in making determination of value for later year under trending exception. Kashani v. Dept. of Rev., 12 OTR 143 (1992)

Green check means up to date. Up to date

Current through early 2024

§ 309.115’s source at oregon​.gov