Bill > SB568

This bill creates a special property tax assessment program for homeowners who are at least 70 years old, providing a way to limit property tax increases on their primary residences. Under the proposed law, eligible seniors can apply for a specially assessed value that initially freezes their home's taxable value at its previous year's real market value, with subsequent annual increases capped at 3% or the prior year's maximum assessed value. To qualify, homeowners must file a written claim with their county assessor between January 1 and April 15, providing documentation proving their eligibility. The program has a sunset provision, meaning no new claims can be made for property tax years beginning on or after July 1, 2032, but homesteads already in the program can continue to receive the special assessment as long as they remain eligible. The special assessment is designed to be an additional benefit that can be combined with other existing property tax exemptions or limits. The program includes specific conditions that would disqualify a homestead from the special assessment, such as the death of the owner, sale of the property, or the home no longer being the primary owner-occupied residence. The bill is set to take effect 91 days after the adjournment of the 2025 regular legislative session.

Budget and Finance

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/SB568