Current through Register Vol. 63, No. 9, September 1, 2024
(1) Definitions:
(a) "Parcel" is a quantity of land that is
capable of being described in a single description by a closed traverse, or as
one of a number of subsections or sections in a township(s), or as lots,
blocks, or tracts in a subdivision. A "parcel" may consist of one or more tax
lots.
(b) "Contiguous" means having
a common boundary to some extent greater than a point. Parcels are contiguous
if separated by public or county roads, state highways, or non-navigable
streams or rivers. Parcels are not contiguous if they are separated by
interstate freeways, or navigable streams or rivers, except where there is
direct connecting access, such as an underpass, for property separated by an
interstate freeway.
(c) "Site
Developments" has the same meaning as in OAR 150-307-0010.
(d) "Land Improvements" is synonymous with
"site developments."
(e) "Same
Ownership" - to be considered the "same ownership," separate land accounts (tax
lots) must have a common name in the property title. For example, a parcel
owned by one person in his or her name is under the same ownership as a parcel
owned jointly by spouses in a marriage. Properties do not have the "same
ownership" if one parcel is owned by spouses in a marriage and the other parcel
is owned by a corporation even though the corporation is owned by the spouses.
(f) "MSAV" means maximum assessed
value for property subject to special assessment (maximum specially assessed
value).
(2) Land
comprising homesites for dwellings being used in conjunction with farm use in
EFU zones, qualifying homesites outside the EFU zones, and qualified forest
homesites must be valued at the special value provided by ORS
308A.256. Land comprising a
non-qualifying homesite must be assessed at its real market value as defined in
308.205 pursuant to 308A.259.
(3)
The method for determining the value for a qualified homesite is the same
whether the homesite is located within an exclusive farm use (EFU) zone, an
area not zoned for exclusive farm use (non-EFU), or for forest homesites as
defined in ORS 308A.253(1).
(a) The first step in valuing a qualified
homesite is to determine the total number of acres of the "parcel" and
contiguous acres under the same ownership.
(b) The second step is to determine the bare
land average per acre real market value (RMV) of the parcel. To do this:
(A) First, determine the total bare land RMV
(including riverfront, view, etc.) for the parcel and contiguous acres under
the same ownership on which the homesite is located.
(B) Second, divide the total bare land RMV of
the parcel and contiguous acres under the same ownership by the total number of
acres in the parcel and contiguous acres under the same ownership.
(C) The result is the average RMV for one
acre of the parcel and contiguous acres under the same ownership.
(c) The third step is to determine
the specially assessed value (SAV) of the "land improvements." The SAV of land
improvements are to be valued at $4,000, or the depreciated replacement cost of
the items that make up the land improvements, whichever is less.
(d) The average RMV of one acre of the land
plus the land improvement SAV equals the total "homesite" SAV. However, the
land improvement value must be carried as a separate item on the land record as
specified in OAR 150-307-0010.
(4) Calculation of homesite MSAV.
(a) For the 1997-98 tax year, the MSAV on
homesites qualified for the 1995-96 tax year and before equals the homesite's
SAV for the 1995-96 tax year reduced by 10 percent.
(b) For the 1997-98 and subsequent tax years,
the MSAV of any newly qualified homesite equals the product of the residential
rural property class 4-X-X changed property ratio multiplied by the farm or
forest homesite SAV. The MSAV for a homesite first qualified for the 1996-97
tax year is calculated under this subsection for the 1997-98 tax year.
(c) Once the MSAV of a homesite
has been established by subsection (a) or (b) above, the MSAV increases 3% each
year thereafter.
(5) The
assessed value of a qualified farm or forest homesite equals the lesser of the
homesite's SAV or the homesite's MSAV.
Stat. Auth.: ORS
305.100
Stats. Implemented: ORS
308.377 &
308A.256
