Chapter 6 Oregon Laws 2001
AN ACT
HB 2205
Relating to taxation;
creating new provisions; and amending ORS 309.115.
Be It Enacted by the People of the State of Oregon:
SECTION 1.
ORS 309.115 is amended to read:
309.115. (1) If the Department of Revenue, the board of
property tax appeals or the tax court or other court enters an order correcting
the real market value of a separate assessment of property and there is no
further appeal from that order, except as provided under subsection (2) or (3)
of this section, the value so entered shall be the real market value entered on
the assessment and tax rolls for the five assessment years next following the
year for which the order is entered.
(2) Notwithstanding subsection (1) of this section, the
following adjustments may be made to the real market value during the period
described in subsection (1) of this section:
(a) Annual trending or indexing applied to all properties
of the same property class in the county, or within clearly defined areas of
the county under this chapter.
(b) Annual trending or depreciation factors applied to
similar property.
(c) Additions or retirements based upon returns filed under
ORS 308.290.
(d) Additions, retirements or economic trending from the
annual valuations under ORS 308.505 to 308.665.
(e) Increases directly related to additions, remodeling or
rehabilitation made to property.
(f) Changes directly
related to subdividing or partitioning the property.
(g) Changes directly
related to rezoning the property and using the property consistent with the
rezoning.
[(f)] (h)
Property damaged, destroyed or otherwise subject to loss of real market value.
(3) In the case of principal or secondary industrial
property, subsection (1) of this section does not apply to changes in real
market value as a result of:
(a) Annual trending or depreciation factors applied by type
of property to industrial or personal property;
(b) Additions or retirements based upon returns filed under
ORS 308.290; or
(c) Property damaged, destroyed or otherwise subject to
loss of real market value.
(4) If, during the five-year period described in subsection
(1) of this section, another order correcting the real market value of the
property subject to subsection (1) of this section is entered, subsection (1)
of this section shall apply for the five years next following the year the
later order is entered.
SECTION 2.
The amendments to ORS 309.115 by section
1 of this 2001 Act apply to determinations of the real market value of property
made on or after the effective date of this 2001 Act.
Approved by the Governor
March 5, 2001
Filed in the office of
Secretary of State March 5, 2001
Effective date January 1,
2002
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