1. (1) For the purposes of ORS 307.032(1)(a)(A), in the case of a partial exemption of assessed value, “the value of the partial exemption” means the dollar amount of assessed value exempted.

2. (2) For purposes of ORS 307.032(1)(b), in the case of a partial exemption of assessed value, the assessed value of the property shall equal the lesser of:

   1. (a) The real market value of the property reduced by the statutory dollar amount of the partial exemption;
   2. (b) The maximum assessed value of the property as calculated under ORS 307.032(1)(a) and section (1) of this rule; or
   3. (c) The assessed value of the property as though not eligible for partial exemption reduced by the statutory dollar amount of the partial exemption.
3. (3) This rule is applicable to all properties that first become eligible for a partial exemption of assessed value on or after January 1, 2024.

Statutory/Other Authority

ORS 305.100

Statutes/Other Implemented

ORS 307.032

History

REV 22-2023, adopt filed 12/21/2023, effective 01/01/2024