Taxpayer Association of Oregon
HJR 13 is up for a hearing today. The bill arrived quickly and without an official bill explanation from the State. The bill would change some of the property tax limits in the Constitution by allowing the taxable value of your home to increase, and that increase under some estimates could be anywhere from 30-60% under different scenarios depending on the interpretations of the bill.
Here is the bill language:
“Proposes amendment to Oregon Constitution providing that, for purposes of ad valorem property taxation, ratio of maximum assessed value to real market value of property must be equal to 0.75.Provides that if such ratio is less than or greater than 0.75, maximum assessed value of such property shall be increased or decreased, respectively, so that ratio is equal to 0.75.Provides five-year ramp-up for new assessment policy.Exempts from ad valorem property taxes lesser of first $25,000 or first 25 percent of real market value of each homestead. Requires Legislative Assembly to enact laws for administration of exemption, including adjusting $25,000 for inflation.”