Oregon Administrative Rules
Chapter 150 - DEPARTMENT OF REVENUE
Division 307 - PROPERTY SUBJECT TO TAXATION
Section 150-307-0032 - Recalculation of maximum assessed value for partial assessed value exemptions
Universal Citation: OR Admin Rules 150-307-0032
Current through Register Vol. 63, No. 9, September 1, 2024
(1) For the purposes of ORS 307.032(1)(a)(A), in the case of a partial exemption of assessed value, "the value of the partial exemption" means the dollar amount of assessed value exempted.
(2) For purposes of ORS 307.032(1)(b), in the case of a partial exemption of assessed value, the assessed value of the property shall equal the lesser of:
(a) The
real market value of the property reduced by the statutory dollar amount of the
partial exemption;
(b) The maximum
assessed value of the property as calculated under ORS
307.032(1)(a)
and section (1) of this rule; or
(c) The assessed value of the property as
though not eligible for partial exemption reduced by the statutory dollar
amount of the partial exemption.
(3) This rule is applicable to all properties that first become eligible for a partial exemption of assessed value on or after January 1, 2024.
Statutory/Other Authority: ORS 305.100
Statutes/Other Implemented: ORS 307.032
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