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Bill > HB3163


OR HB3163

Relating to a specially assessed value for the residences of seniors; prescribing an effective date.


summary

Introduced
01/13/2025
In Committee
01/17/2025
Crossed Over
Passed
Dead

Introduced Session

2025 Legislative Measures

Bill Summary

The statement includes a measure digest written in compliance with applicable readability standards. Digest: The Act would let counties opt to grant a specially assessed property tax value for the homes of people who are at least 62 years old. (Flesch Readability Score: 66.5). Allows counties to adopt an ordinance or resolution that provides, for purposes of ad valorem property taxation, a specially assessed value for the owner-occupied primary residences of individ- uals who are at least 62 years of age. Takes effect on the 91st day following adjournment sine die.

AI Summary

This bill allows counties in Oregon to provide a special property tax assessment for homeowners who are 62 years of age or older, offering potential tax relief for seniors. Under this legislation, counties can choose to adopt an ordinance that enables eligible seniors to have their primary residence assessed at a fixed, potentially lower value for property tax purposes. The bill outlines a detailed process for how this special assessment would work, including requirements for filing a claim with the county assessor, which must be submitted between January 1 and April 15 preceding the tax year. The initially assessed value would be based on the property's real market value from the previous tax year, with subsequent years allowing for modest increases of up to 3% annually. The special assessment would remain in effect until certain triggering events occur, such as the death of the homeowner, sale of the property, or the home no longer serving as the primary residence. Importantly, this special assessment is optional for counties and can be implemented alongside other existing property tax exemptions or limits. The bill specifies that it will apply to property tax years beginning on or after July 1, 2026, and will take effect 91 days after the adjournment of the 2025 legislative session.

Committee Categories

Budget and Finance

Sponsors (2)

Last Action

Public Hearing held. (on 02/20/2025)

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