In Oregon, property taxes are assessed for real property, machinery and equipment, manufactured structures, business personal property, and floating property. Oregon has an ad valorem property tax system, which means the property taxes you pay are based on the value the county assessor establishes for your property.
The assessor estimates the value of most taxable property on January 1, prior to the beginning of the tax year. The tax year runs from July 1 through June 30. January 1 is called the “assessment date.” The assessor’s estimate of value will appear on the tax statement mailed to you in October.
The following terms and definitions are provided to help you understand how your property is valued and assessed:
• Real Market Value (RMV) is the value the assessor has estimated your property would sell for on the open market as of the assessment date. RMV appears on most property tax statements.
• Maximum Assessed Value (MAV) is the greater of 103 percent of the prior year’s assessed value or 100 percent of the prior year’s MAV. MAV is not limited to an increase of 3 percent if certain changes are made to your property. These changes are called exceptions. MAV does not appear on most tax statements.
• Assessed Value (AV) is the value used to calculate your tax. It is the lesser of RMV or MAV. Assessed value appears on your tax statement.
You may appeal the current year real market, maximum assessed, specially assessed, or assessed value of your property. However, the authority of BOPTA to reduce the MAV and AV of your property is limited to the calculation allowed by law and an appeal may not result in a reduction of tax.
The majority of appeals will be based on a difference of opinion between you and the assessor about RMV. In such cases, you will need to present evidence about the market value of your property as it existed on the assessment date. Evidence might include an appraisal report of your property done by an independent appraiser or a comparison of your property with similar properties that have recently sold in your area.