71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
HA to HB 2612
 
LC 2429/HB 2612-1
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 2612
 
     By COMMITTEE ON SCHOOL FUNDING AND TAX FAIRNESS/REVENUE
 
                           February 12
 
  On page 1 of the printed bill, line 2, after '308.146, ' insert
'308.153, 308.166,'.
  In line 16, before '308.428' insert '308.146 (5)(a) and'.
  On page 2, line 19, delete 'due to fire or act of God'.
  In line 21, delete 'from fire or act of God'.
  On page 3, after line 5, insert:
  '  { +  SECTION 5. + } ORS 308.153 is amended to read:
  ' 308.153. (1) If new property is added to the assessment roll
or improvements are made to property as of January 1 of the
assessment year, the maximum assessed value of the property shall
be the sum of:
  ' (a) The maximum assessed value determined under ORS 308.146;
and
  ' (b) The product of the value of the new property or new
improvements determined under subsection (2)(a) of this section
multiplied by the ratio of the average maximum assessed value
over the average real market value for the assessment year.
  ' (2)(a) The value of new property or new improvements shall
equal the real market value of the new property or new
improvements reduced (but not below zero) by the real market
value of retirements from the property tax account.
  ' (b) If the maximum assessed value of property is adjusted
  { - for fire or act of God - }  { +  under ORS 308.146
(5)(a) + }, the  { +  corresponding + } reduction in real market
value   { - due to fire or act of God - }  may not be considered
to be a retirement under this subsection.
  ' (3) The property's assessed value for the year shall equal
the lesser of:
  ' (a) The property's maximum assessed value; or
  ' (b) The property's real market value.
  '  { +  SECTION 6. + } ORS 308.166 is amended to read:
  ' 308.166. (1) If the maximum assessed value of property is
subject to adjustment under both ORS 308.153 and 308.156, the
maximum assessed value determined under ORS 308.156 shall be the
property's maximum assessed value.
  ' (2) If the maximum assessed value of property is subject to
adjustment under both ORS 308.153 and 308.159, the maximum
assessed value shall first be determined under ORS 308.153 and
then further adjusted under ORS 308.159.
  ' (3) If the maximum assessed value of property is subject to
adjustment under both ORS 308.156 and 308.159, the maximum
assessed value shall first be determined under ORS 308.156 and
then further adjusted under ORS 308.159.
  ' (4) If the maximum assessed value of property is subject to
adjustment under all of ORS 308.153, 308.156 and 308.159, the
maximum assessed value shall first be determined under subsection
(1) of this section and then further adjusted under ORS 308.159.
  ' (5) If the maximum assessed value of property is subject to
adjustment   { - for fire or act of God - }  { +  pursuant to ORS
308.146 (5)(a) + }, the maximum assessed value shall first be
determined under ORS 308.146 (5)(a) and then may be adjusted as
provided in subsections (1) to (4) of this section.'.
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