Bill > SB650

This bill establishes a special property tax assessment program for homeowners who are 65 years of age or older, designed to help seniors manage their property tax burdens. Under this legislation, eligible seniors can apply for a specially assessed property value that essentially freezes their home's taxable value at its previous year's real market value, with only modest annual increases of up to 3%. To qualify, individuals must file a written claim with their county assessor between January 1 and April 15, providing documentation that proves their eligibility. The specially assessed value will remain in effect until certain disqualifying events occur, such as the homeowner's death, sale of the property, or the home no longer serving as their primary residence. This special assessment is additional to any other existing property tax exemptions or credits, meaning seniors can potentially benefit from multiple tax relief mechanisms. The bill will take effect for property tax years beginning July 1, 2026, and becomes law 91 days after the legislative session adjourns. If a claim is denied, homeowners have the right to appeal to the Oregon Tax Court, providing an additional layer of protection for seniors seeking this tax relief.

Budget and Finance

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/SB650