Bill > SJR3

This joint resolution proposes an amendment to the Oregon Constitution relating to ad valorem property taxation that would make several significant changes to how property taxes are assessed and levied. Specifically, the resolution would require properties to be reassessed upon sale, mandate that the ratio of maximum assessed value to real market value cannot be less than 0.75 beginning in 2027, and extend the maximum number of years for local option taxes. The proposed amendment introduces a gradual approach to increasing property assessments, with a 20% reduction of the gap between the current assessment ratio and 0.75 each year from 2027 to 2031. It also allows local taxing districts to impose local option taxes for up to 10 years, with the ability to renew these taxes, and removes certain tax limitations for these local option levies. The changes are designed to provide more flexibility for local governments in taxation while ensuring a more consistent relationship between a property's assessed value and its real market value. The amendment will be submitted to Oregon voters for approval or rejection at the next regular general election.

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/SJR3