Collection of Property Taxes

ORS 311.700
Deed or contract clauses prohibiting application for deferral are void

  • reverse mortgage prohibition
  • exceptions

(1)

A clause or statement in a mortgage trust deed or land sale contract executed after September 9, 1971, that prohibits the owner from applying for deferral of homestead property taxes provided in ORS 311.666 (Definitions for ORS 311) to 311.701 (Senior Property Tax Deferral Revolving Account) is void.

(2)

Notwithstanding ORS 311.670 (Eligibility of property), a homestead that is pledged as security for a reverse mortgage is not eligible for tax deferral under ORS 311.666 (Definitions for ORS 311) to 311.701 (Senior Property Tax Deferral Revolving Account).

(3)

Subsection (2) of this section does not apply to a homestead that is:

(a)

Eligible for tax deferral under section 7, chapter 13, Oregon Laws 2012, section 1, chapter 31, Oregon Laws 2013, or section 1, chapter 494, Oregon Laws 2013; or

(b)

Pledged as security for a reverse mortgage pursuant to a contract executed on or after July 1, 2011, and before January 1, 2017, provided the taxpayer seeking the tax deferral has an equity interest in the homestead that equals or exceeds 40 percent at the time of filing a claim under ORS 311.672 (Claim form). [1971 c.572 §7; 1977 c.160 §8; 2011 c.723 §16; 2019 c.591 §1]
Source

Last accessed
Mar. 11, 2023

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