(a) The maximum assessed value determined under ORS 308.146; and
(b) The product of the value of the new property or new improvements determined under subsection (2)(a) of this section multiplied by the ratio, not greater than 1.00, of the average maximum assessed value over the average real market value for the assessment year.
(2)(a) The value of new property or new improvements equals the real market value of the new property or new improvements reduced (but not below zero) by the real market value of retirements from the property tax account.
(b) If the maximum assessed value of property is adjusted for fire or act of God or for demolition or removal of a building under ORS 308.146, the reduction in real market value due to fire or act of God or demolition or removal of the building may not be considered to be a retirement under this subsection.
(3)(a) For purposes of this section, property shall be considered new property, or new improvements to property, for a tax year if the property:
(A) Constituted an integral part of the land or improvements on the assessment date or the date of a site inspection by the assessor for appraisal purposes for any prior tax year;
(B) Has been continuously in existence since the prior tax year; and
(C) Was not included in the assessment of the land or improvements for any prior tax year.
(b) The following is evidence that the property was not included in the assessment of the land or improvements for a prior tax year:
(A) There is no express reference to the property in the records of the assessor; and
(B) The assessor’s valuation of the land or improvements of which the property is an integral part increases as a result of inclusion of the property in the assessment.
(4) The property’s assessed value for the year equals the lesser of:
(a) The property’s maximum assessed value; or
(b) The property’s real market value. [1997 c.541 §11; 1999 c.1003 §4; 2001 c.509 §9; 2007 c.516 §2; 2015 c.97 §2; 2015 c.480 §2]
Structure 2021 Oregon Revised Statutes
Volume : 08 - Revenue and Taxation
Chapter 308 - Assessment of Property for Taxation
Section 308.007 - Definitions.
Section 308.010 - Registered appraiser requirements; revocation; continuing education; rules.
Section 308.015 - Alternate qualifications for registered appraisers.
Section 308.105 - Personal property.
Section 308.125 - Undivided interest; assessment; ownership of less than one forty-eighth interest.
Section 308.142 - "Property" and "property tax account" defined.
Section 308.149 - Definitions for ORS 308.149 to 308.166.
Section 308.153 - New property and new improvements to property.
Section 308.162 - Property tax account modifications.
Section 308.205 - Real market value defined; rules.
Section 308.207 - Computation of real market value for taxing or bonding limitations.
Section 308.212 - Requirement for property owner to file address.
Section 308.215 - Contents of assessment roll; rules.
Section 308.217 - Form of assessment and tax rolls; obtaining descriptions of property.
Section 308.219 - Assessment and tax rolls; preparation; contents; availability to public; rules.
Section 308.225 - Boundary changes; procedure.
Section 308.233 - Use of sales data for physical appraisal.
Section 308.235 - Valuation of real property.
Section 308.245 - Maps; taxpayers’ index.
Section 308.275 - Use of reproduction cost or prices and costs in determining assessed values.
Section 308.320 - Oath of assessor upon completion of assessment roll.
Section 308.330 - Duty of assessor to assess properly.
Section 308.408 - "Industrial plant" defined.
Section 308.411 - Appraisal and real market valuation of industrial plants; rules.
Section 308.412 - Effect of election to exclude income approach to value under prior law.
Section 308.413 - Confidential information furnished under ORS 308.411; exception; rules.
Section 308.450 - Definitions for ORS 308.450 to 308.481.
Section 308.457 - Determining boundaries of distressed areas; rules; limitation.
Section 308.462 - Qualifications for limited assessment.
Section 308.490 - Determining value of homes for elderly persons.
Section 308.505 - Definitions for ORS 308.505 to 308.674.
Section 308.510 - Real and personal property classified for ORS 308.505 to 308.674.
Section 308.515 - Department to make annual assessment of designated utilities and companies.
Section 308.516 - Certain exceptions to ORS 308.515.
Section 308.517 - To whom property assessed; certain property not to be assessed.
Section 308.519 - Local assessment of data center property.
Section 308.524 - Companies to file statements.
Section 308.525 - Contents of statement.
Section 308.550 - Valuing property of company operating both within and without state.
Section 308.560 - Assessment roll; description of property; effect of mistake.
Section 308.565 - Apportionment of assessment among counties.
Section 308.570 - Determining value per mile of main and branch lines of companies using rail lines.
Section 308.582 - Notice of tentative assessment.
Section 308.584 - Request for conference to modify tentative assessment; appeal.
Section 308.590 - Review and correction of tentative assessment roll; apportionment to county.
Section 308.605 - Entry of corrections and changes; record of meetings.
Section 308.624 - Correction of certified roll.
Section 308.628 - Omitted property subject to assessment.
Section 308.632 - Notice of intention to add omitted property to assessment roll.
Section 308.636 - Correction of assessment roll to reflect omitted property; appeal.
Section 308.665 - Railroad car exemption.
Section 308.671 - Elective exemption of certain communication-related property.
Section 308.701 - Definitions for ORS 308.701 to 308.724.
Section 308.707 - Valuation of multiunit rental property subject to special assessment.
Section 308.807 - Amount of tax.
Section 308.810 - Association to file statement; payment of tax.
Section 308.815 - Examination of return by department; distribution of tax.
Section 308.820 - Tax as a lien; delinquency date; action to collect.
Section 308.865 - Notice and payment of taxes before movement of mobile modular unit.
Section 308.866 - Definition of "mobile modular unit"; statement of value; receipt.