72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 1238
 
                         House Bill 2023
 
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
  Presession filed (at the request of House Interim Committee on
  Revenue)
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
 
  Modifies method by which personal property tax cancellation
threshold is indexed for inflation.
  Applies to tax years beginning on or after July 1, 2004.
 
                        A BILL FOR AN ACT
Relating to taxation; creating new provisions; and amending ORS
  308.250.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 308.250 is amended to read:
  308.250. (1) All personal property not exempt from ad valorem
taxation or subject to special assessment shall be valued at 100
percent of its real market value, as of January 1, at 1:00 a.m.
and shall be assessed at its assessed value determined as
provided in ORS 308.146.
  (2) If the total assessed value of all taxable personal
property required to be reported under ORS 308.290 in any county
of any taxpayer is less than $12,500 in any assessment year, the
county assessor shall cancel the ad valorem tax assessment for
that year.
  (3) In any assessment year or years following an assessment
year for which taxes are canceled under subsection (2) of this
section, the taxpayer may meet the requirements of ORS 308.290 by
filing, within the time required under ORS 308.290, a verified
statement with the county assessor indicating that the total
assessed value of all taxable personal property of the taxpayer
required to be reported under ORS 308.290 in the county is less
than $12,500. The statement shall contain the name and address of
the taxpayer, the information needed to identify the account and
other pertinent information, but shall not be required to contain
a listing or value of property or property additions or
retirements.
  (4)(a) For each tax year beginning on or after July 1, 2003,
the Department of Revenue shall recompute the maximum amount of
the assessed value of taxable personal property for which ad
valorem property taxes may be canceled under this section. The
computation shall be as follows:
  (A) Divide the average U.S. City Average Consumer Price Index
for the   { - first six months of the current - }  { +  prior + }
 
calendar year by the average U.S. City Average Consumer Price
Index for   { - the first six months of - }  2002.
  (B) Recompute the maximum amount of assessed value for which
taxes may be canceled by multiplying $12,500 by the appropriate
indexing factor determined as provided in subparagraph (A) of
this paragraph.
  (b) As used in this subsection, 'U.S. City Average Consumer
Price Index' means the U.S. City Average Consumer Price Index for
All Urban Consumers (All Items) as published by the Bureau of
Labor Statistics of the United States Department of Labor.
  (c) If any change in the maximum amount of assessed value
determined under paragraph (a) of this subsection is not a
multiple of $500, the increase shall be rounded to the nearest
multiple of $500.
  SECTION 2.  { + The amendments to ORS 308.250 by section 1 of
this 2003 Act apply to tax years beginning on or after July 1,
2004. + }
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