Bill > HB2340

This bill modifies the eligibility criteria for the homestead property tax deferral program by reducing the required length of time a homeowner must have lived in their property before qualifying for tax deferral from five years to three years. The homestead property tax deferral program allows eligible homeowners to defer payment of property taxes under certain conditions. The bill maintains other existing requirements for the program, such as property value limits and insurance requirements. Specifically, the legislation changes the initial residency requirement from five years to three years preceding the tax deferral claim, with some exceptions for situations like health-related absences, moving between homesteads, or surviving spouse claims. The changes will apply to property tax years beginning on or after July 1, 2026, and the bill will take effect 91 days after the 2025 legislative session adjourns. This modification aims to make the property tax deferral program more accessible to homeowners by reducing the time needed to qualify for the benefit.

Budget and Finance

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/HB2340