Bill > SB675

This bill modifies Oregon state law regarding property tax payments and interest rates. Specifically, the bill reduces the monthly interest rate on unpaid property taxes from one and one-third percent to one-half of one percent. Currently, property tax payments are divided into three installments due on November 15, February 15, and May 15, with interest accruing on any unpaid portions after their respective due dates. The new lower interest rate will apply to taxes that begin to accrue interest on or after the bill's effective date, which will be the 91st day after the 2025 legislative session adjourns. The bill maintains the existing structure of tax payments, including the provisions for installment payments (with a minimum tax bill of $40 to qualify) and the current discount system for early or full payments. This change aims to provide some financial relief to property owners by reducing the penalty for late tax payments, potentially making it easier for taxpayers to manage their property tax obligations.

Budget and Finance

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/SB675