71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
Enrolled
House Bill 2205
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
Presession filed (at the request of Governor John A. Kitzhaber,
M.D., for Department of Revenue)
CHAPTER ................
AN ACT
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
Enrolled House Bill 2205 (HB 2205-INTRO) Page 1
(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. + }
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Passed by House January 29, 2001
...........................................................
Chief Clerk of House
...........................................................
Speaker of House
Passed by Senate February 14, 2001
...........................................................
President of Senate
Enrolled House Bill 2205 (HB 2205-INTRO) Page 2
Received by Governor:
......M.,............., 2001
Approved:
......M.,............., 2001
...........................................................
Governor
Filed in Office of Secretary of State:
......M.,............., 2001
...........................................................
Secretary of State
Enrolled House Bill 2205 (HB 2205-INTRO) Page 3