Chapter 126
AN ACT
HB 2319
Relating to property tax appeals; amending ORS 311.814.
Be It Enacted by the People of
the State of
SECTION 1. ORS 311.814 is amended to read:
311.814. (1) Whenever
any property value or claim for exemption or cancellation of a property tax
assessment is appealed to the Oregon Tax Court after taxes on the
property have been imposed, the [tax
court] Department of Revenue shall notify the county treasurer of
the appeal not later than the following October 15, if the appeal is not
finally resolved before the end of the tax year to which the appeal relates and
the dollar difference between the total value asserted by the taxpayer and the
total value asserted by the opposing party exceeds one-fourth of one percent
(0.0025) of the total assessed value in the county, or if the appeal relates to
property assessed under ORS 308.505 to 308.665, and the value of such property
asserted by the opposing party and attributable to the county exceeds
one-fourth of one percent (0.0025) of the total assessed value in the county.
After notification, the county treasurer shall set aside, if so ordered by the
county governing body, from taxes collected in the current tax year, an
interest bearing reserve account as provided in this section.
(2) The reserve shall
consist of an amount representing that portion of taxes paid by the petitioner
attributable to the amount of value in dispute for each tax year that the
appeal remains unresolved. Upon termination of the controversy, the principal
amount in the account necessary to pay any refund, and any interest provided
for under ORS 311.812, shall be paid to the petitioner. Any excess remaining in
the reserve after termination of the controversy and payment of a refund, if
any, shall be deposited in the unsegregated tax collections account in full
satisfaction of the tax due on the property.
(3) If the final
resolution of the controversy results in additional taxes due on the property,
the amount in the reserve account shall be deposited into the unsegregated tax
collections account and shall be distributed according to the distribution
percentage schedule for the current tax year prepared in accordance with ORS
311.390. The additional taxes shall be collected as provided in ORS 311.513.
Approved by the Governor May 9, 2007
Filed in the office of Secretary of State May 10, 2007
Effective date January 1, 2008
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