Current through Register Vol. 63, No. 9, September 1, 2024
(1) When omitted
property is added to the property tax account after January 1 preceding the
current assessment year and before January 1 of the current assessment year,
only the omitted property portion is considered affected. The existing property
is the unaffected portion. The intent is to correct the tax roll for current
and prior years as if the omitted property had been a regular part of those tax
rolls.
(2) To correct the first
year's Assessed Value (AV) when the omitted property is added to the roll :
(a) Multiply the real market value (RMV) of
the omitted property for the first year it should have been added to the roll
by that year's appropriate changed property ratio (CPR) to determine MAV for
the omitted property.
(b) Add the
RMV and MAV of the omitted portion to the existing RMV and MAV to get a
corrected RMV and MAV for the account.
(c) The lesser of the corrected RMV or MAV is
the AV that should have been on the roll had the property been discovered
timely.
EXAMPLE 1: Property was built in 2003
and should have been added to the 2004-05 tax roll. The assessor discovers the
property in December 2004 and adds it to the 2004-05 tax roll. [Table not
included. See ED. NOTE.]
(3) To correct the AV for subsequent years
that omitted property should be added to the roll:
(a) Add the omitted property's trended or
recalculated RMV to the property's existing RMV to get a corrected RMV for the
account.
(b) Multiply the prior
year's corrected AV by 1.03 and compare to the prior year's corrected MAV. The
greater of the two will be the corrected MAV for the account.
(c) The lesser of the corrected RMV or MAV is
the account's AV.
EXAMPLE 2: Property was
built in 2003 and should have been added to the 2004-05 tax roll. The assessor
discovers the property in December 2008, and adds it to the 2004-05 through
2008-09 tax rolls. RMV trending is 5 percent per year. [Table not included. See
ED. NOTE.]
Tables referenced are available from the agency.
#REV
7-2016, f. 8-10-16, cert. ef.
#.
Stat. Auth.: ORS
305.100
Stats. Implemented: ORS
308.156
