(a) Through an annual net operating income approach to value that uses actual income and stabilized operating expenses that are based on the actual history of the property (if available) and a capitalization rate. The income, expenses and capitalization rate used must be consistent with the Uniform Standards of Professional Appraisal Practice and may be further defined by rules adopted by the Department of Revenue. Factors to be considered in setting a capitalization rate include the risks associated with multiunit rental housing subject to a government restriction on use, including but not limited to diminished ownership control, income generating potential and liquidity. The capitalization rate that is set pursuant to this paragraph must be equal to or greater than the capitalization rate used for valuing multiunit rental housing that is not subject to a government restriction on use;
(b) By adjusting the unrestricted market value of the property being specially assessed, computed without regard to any government restriction on use applicable to the property, based on the ratio of the average annual rent of those dwelling units of the property that are subject to a government restriction on use to the average annual rent of comparable multiunit rental housing that is not subject to a government restriction on use; or
(c) Through an alternate method for determining the specially assessed value of multiunit rental housing that is subject to a government restriction on use that may be adopted by the department by rule.
(2)(a) An election under this section must be made at the time an application for special assessment is filed under ORS 308.709, and is considered to be a part of the application.
(b) A property owner may change the election the owner previously made. Except as provided in subsection (3) of this section, a new election under this section must be made on or before April 1 preceding the tax year for which the new election applies. The election shall be made in writing to the county assessor of the county in which the property is located, in the form prescribed by the department.
(c) The election form must be accompanied by a written statement of the actual income and stabilized operating expenses of the property, as described in subsection (1)(a) of this section.
(3) A change in election may be made after April 1 and on or before December 31 of the tax year, if the election form is accompanied by a late filing fee equal to the greater of $200 or one-tenth of one percent of the real market value of the property to which the election relates, as of the assessment date for that tax year. [2001 c.605 §6]
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.