Major changes could be coming for property taxpayers in Oregon. Proposed legislation seeks to remove the constitutional cap on tax assessment increases and adjust the cap on property taxes for schools.
House Joint Resolution 1 amends the Oregon Constitution by repealing ad valorem property tax assessment provisions created by Ballot Measure 50 in 1997. It requires ad valorem property taxes to be assessed on real market value of property rather than the traditional lower assessed value.
The bill also increases the maximum collection rates imposed by Ballot Measure 5 in 1990. (See box below).
The measure authorizes local taxing districts to increase permanent rate limits once in 10 years with voter approval.
The Taxpayer Association of Oregon is on record against the proposed changes in HJR 1. Officials claim it will "cause every single business, restaurant, factory, and coffee shop to witness an explosion in higher taxes on the property they stand on."
For more details on the group's opposition, click here.