Oregon Administrative Rules
Chapter 150 - DEPARTMENT OF REVENUE
Division 308 - ASSESSMENT OF PROPERTY FOR TAXATION
Section 150-308-0200 - Rezoned Property - Calculating Maximum Assessed Value (MAV)
Current through Register Vol. 63, No. 9, September 1, 2024
(1) For the purposes of determining MAV under ORS 308.142 to 308.166 and this rule, the following definitions apply:
(2) For the purposes of calculating maximum assessed value when a property is rezoned and used consistently with the rezoning, the portion of the property that is "affected" includes:
(3) The assessor will calculate the MAV for the property tax account for the current assessment year under this subsection, if:
Prior Year Values: Real Market Value (RMV) = $250,000; MAV = $97,088; Assessed Value (AV) = $97,088.
Current year RMV of the affected portion = $750,000.
Current year changed property ratio (CPR) for this property type = .800.
Because the rezone affects the entire property, multiply the current year RMV of the entire property by the CPR. This is the MAV for the entire property.
$750,000 x .800 = $600,000 (Current year MAV for the entire property.)
(4) The assessor will calculate the MAV for the property tax account for the current assessment year under this subsection, if:
Prior year values: RMV = $150,000; MAV $97,088; AV = $97,088.
Prior year RMV of unaffected portion = $100,000.
Current year RMV of affected portion = $700,000.
Current year CPR for this property type = .800.
Step 1: Calculate the current year MAV as if the account had not changed.
Multiply the prior year AV by 1.03. Compare the result to the prior year MAV to determine the larger amount. This becomes the current year MAV as if the account had not changed.
Larger of: Prior year AV x 1.03 compared to prior year MAV = current year MAV of unchanged account.
Prior year AV x 1.03 = 97,088 x 1.03 = $100,000
Prior year MAV = $97,088
Current year MAV of the unchanged account = $100,000
Step 2: Calculate the percentage of the unaffected portion.
Determine the prior year's RMV for the unaffected portion of the property. Divide that value by the prior year RMV for the whole account. This is the percentage of the account that is unaffected by the change to the property.
Prior year RMV (unaffected portion) divided by prior year RMV (total account) = percentage of the property that is unaffected.
$100,000 = prior year RMV for the unaffected portion.
$150,000 = prior year RMV for the total account.
$100,000 / $150,000 = 66.7% (Percentage of the account that is unaffected.)
Step 3: Calculate the current year MAV for the unaffected portion.
Multiply the current year MAV (Step 1) by the percentage of the unaffected portion (Step 2). This is the current year MAV for the unaffected portion.
$100,000 x 66.7% = $66,700 (Current year MAV for the unaffected portion.)
Step 4: Calculate the MAV for the affected portion.
Multiply the current RMV of the affected portion by the CPR. This is the MAV for the affected portion.
$700,000 x .800 = $560,000 (Current year MAV for the affected portion.)
Step 5: Calculate the MAV for the account.
Add the MAV for the unaffected portion (step 3) and the MAV for the affected portion (step 4) to get the MAV for the account.
$66,700 + $560,000 = $626,700 (Current MAV for the account.)
Stat. Auth.: ORS 305.100, 308.156
Stats. Implemented: ORS 308.156