This bill would freeze the taxes levied on the homes of seniors. Proposes an amendment to the Oregon Constitution directing the Legislative Assembly to enact a property tax relief program for owner-occupied primary residences of certain seniors. Refers the proposed amendment to the people for their approval or rejection at the next regular general election.
Creates a Senior Property Tax Freeze to cap property tax assessments for the primary residence of each Oregon senior citizen aged 65 or older for owner-occupied primary residence, whether real or personal property, and the tax lot upon which the residence is situated; or if the residence is in a multiunit building.
Upon the sale or transfer of a home granted the property tax relief, the assessor of the county in which the home is located shall reassess the home so that, for the next succeeding property tax year, the assessed value is what it would have been if the home had never received the relief.