HJR 1

Proposes amendment to Oregon Constitution providing that, for purposes of ad valorem property taxation, ratio of maximum assessed value to real market value of property may not be less than 0.75.

Bill Text

• Introduced

Proposes a constitutional amendment to increase property tax assessed values toward real market value while exempting homesteads from a portion of ad valorem property taxes.

Original Bill Text

Overview#

Proposes amendment to Oregon Constitution providing that, for purposes of ad valorem property taxation, ratio of maximum assessed value to real market value of property may not be less than 0.75. Provides that if such ratio is less than 0.75, maximum assessed value of such property shall be increased so that ratio is equal to 0.75. Provides five-year ramp-up for new assessment policy. Exempts from ad valorem property taxes lesser of first $25,000 or first 25 percent of real market value of each homestead. Requires Legislative Assembly to enact laws for administration of exemption, including adjusting $25,000 for inflation. Refers proposed amendment to people for their approval or rejection at next regular general election held throughout this state.

Legislative History