This bill proposes amendment to Oregon Constitution repealing property tax assessment limitations and requiring assessment on the higher real market value allowing increases every 10 years. Refers to voters.
Personal Choice and Responsibility
Tear down the laws that limit how much you can be taxed on your property voted in over 20 years ago as property tax reform limiting government's ability to tax peoples homes. Your property taxes are 50% lower today because of Measure 5 (1990) and Measure 50(1997). Will negatively impact elderly, low income families and every household through higher prices through higher taxes on businesses.
We have record revenues. Creates a 20% increase to property tax for schools by jacking up the tax cap created by Measure 5 (1990). This alone could cost you $1,500.00 in higher property taxes. Removes the constitutional cap on property tax assessment increases (repeals Measure 50) by changing to a real market value base instead of the traditional lower assessed value. This alone could cost $1,880.00 in higher property taxes. These two massive tax increases in this one single bill will cost you $3,380.00 in higher property taxes annually.
Directs Legislative Assembly to provide exemption from ad valorem property taxes for owner-occupied principal dwellings and tax lots upon which dwellings are located and increasing maximum collection rates imposed by Ballot Measure 5 (1990).