(1) The assessor shall determine Measure 47 comparison taxes for each property under this section.
(2)(a) The assessor shall subtract the following taxes from the ad valorem property taxes imposed on each property for the tax year beginning July 1, 1995:
(A) Taxes imposed to pay principal and interest on exempt bonded indebtedness;
(B) Urban renewal taxes; and
(C) Taxes imposed to pay qualified taxing district obligations, as calculated under subsection (3) of this section.
(b) The assessor shall calculate the dollar value of offsets against ad valorem property taxes for the tax year beginning July 1, 1995, and shall add to the amount determined under paragraph (a) of this subsection each property’s share of such offsets if:
(A) The county contains a taxing district with offsets from appeals for the tax year beginning July 1, 1995, that exceed 10 percent of the district’s net levy for the tax year beginning July 1, 1995; and
(B) The taxing district is not a school district, education service district, community college or community college service district.
(3)(a) The amount subtracted for qualified taxing district obligations under subsection (2)(a)(C) of this section shall be determined for each category described in ORS 310.150.
(b) For each category, the assessor shall multiply the total amount imposed by a district on a property, less those taxes described in subsection (2)(a)(A) and (B) of this section, by a ratio, the numerator of which is the total amount of qualified obligations that were certified by the district for the tax year beginning July 1, 1995, and the denominator of which is the total amount of the district’s imposed taxes, other than taxes imposed to pay principal and interest on exempt bonded indebtedness and urban renewal taxes, in the category.
(c) The total of the amounts determined under this subsection for all three categories shall be the amount subtracted under subsection (2)(a)(C) of this section.
(4) The assessor shall reduce the amount determined under subsection (2) of this section by 10 percent.
(5) The assessor shall determine for each property the value that has been added to the assessment roll for the tax year beginning July 1, 1997, that is attributable to changes in the value of the property for the tax year beginning July 1, 1996, or July 1, 1997, as the result of:
(a) New property or improvements to property;
(b) A partition or subdivision of property;
(c) A rezoning of property and use of the property consistent with the rezoning;
(d) Omitted property; or
(e) The disqualification of property from exemption, partial exemption or special assessment.
(6) The assessor shall divide the amount determined in subsection (4) of this section by the Measure 5 value in the code area on the assessment roll for the tax year beginning July 1, 1997, reduced by the total value determined in the code area under subsection (5) of this section to arrive at a Measure 47 comparison tax rate.
(7)(a) The assessor shall multiply the total value determined for each property under subsection (5) of this section by the Measure 47 comparison tax rate in the code area determined under subsection (6) of this section.
(b) The assessor shall add the amount determined under paragraph (a) of this subsection to the amount determined in subsection (4) of this section to arrive at the total amount of Measure 47 comparison taxes for each property.
(c) The assessor shall total the amounts determined under paragraph (b) of this subsection for all property in the code area to determine the total Measure 47 comparison taxes for the code area.
(8) The assessor shall allocate the Measure 47 comparison taxes to each taxing district in the code area in the proportion that each taxing district’s share of the Measure 5 imposed tax estimate in the code area (excluding taxes for exempt bonded indebtedness and urban renewal and the amount certified for qualified taxing district obligations) bears to the total Measure 5 imposed taxes for the code area (excluding taxes for exempt bonded indebtedness and urban renewal and the amount certified for qualified taxing district obligations). The total of the amounts so allocated to a district from all of the district’s code areas shall be the taxing district’s Measure 47 comparison tax.
(9) If the taxing district is other than a city, county or school district and supports a hospital facility through ad valorem property taxes, the Measure 47 comparison tax shall be further adjusted by subtracting the allocated portion of taxes used to support a hospital facility from the total amount allocated to the district under subsection (8) of this section.
(10) The Measure 47 comparison tax shall be further adjusted by subtracting the allocated portion of taxes that are imposed pursuant to an operating tax levy approved by voters prior to December 5, 1996, in an election and for which property taxes are first imposed for the tax year beginning July 1, 1996, or July 1, 1997, if the levy was approved by voters in an election:
(a) In which at least 50 percent of registered voters eligible to vote in the election cast a ballot; or
(b) That was the general election in an even-numbered year. [1997 c.541 §25]
Section: Previous 310.193 310.200 310.202 310.204 310.206 310.208 310.210 310.212 310.214 310.216 310.218 310.220 310.222 310.228 310.230 NextLast modified: August 7, 2008