Each year, property tax may vary because it depends upon two factors: 1) the local budget or tax levy, which is likely to increase each year, and 2) the total assessed value
of the community, which is the responsibility of the local tax assessor.
2 percent tax rate applies to property with an assessed value
of between 40,000 lats and 75,000 lats; a rate of 0.
And even a reduction of several thousand dollars in assessed value
may not lead to more than $30 to $50 a year off a taxpayer's bill, or even less.
Measure 50 changed Oregon law to tax property owners on the lower of two values: their property's real market value, or its maximum assessed value
, which is determined by the county.
The amount cannot exceed 50% of the home's assessed value
in the first year of the exemption and decreases by 10% per year thereafter.
The main reason for the decline is measures 47 and 50, pushed by anti-tax activist Bill Sizemore and passed by voters in 1996 and 1997, which cut property taxes and capped the annual rate at which a property's assessed value
- and thus the taxes - could increase thereafter.
Developers are simply seeking a five-year phase in- of the improvements that would follow the current transition assessment guidelines for any other in crease in assessed value