(1) If new property is added to the assessment roll or improvements are made to property as of January 1 of the assessment year, the maximum assessed value of the property shall be the sum of:
(a) The maximum assessed value determined under ORS 308.146; and
(b) The product of the value of the new property or new improvements determined under subsection (2)(a) of this section multiplied by the ratio, not greater than 1.00, of the average maximum assessed value over the average real market value for the assessment year.
(2)(a) The value of new property or new improvements shall equal the real market value of the new property or new improvements reduced (but not below zero) by the real market value of retirements from the property tax account.
(b) If the maximum assessed value of property is adjusted for fire or act of God or for demolishment or removal of a building under ORS 308.146, the reduction in real market value due to fire or act of God or demolishment or removal of the building may not be considered to be a retirement under this subsection.
(3) The property’s assessed value for the year shall equal the lesser of:
(a) The property’s maximum assessed value; or
(b) The property’s real market value. [1997 c.541 §11; 1999 c.1003 §4; 2001 c.509 §9; 2007 c.516 §2]
Section: Previous 308.135 308.140 308.142 308.145 308.146 308.149 308.150 308.153 308.156 308.159 308.162 308.165 308.166 308.170 308.205 NextLast modified: August 7, 2008