New property and new improvements to property
(1) If new property is added to the assessment roll or improvements are made to property as of January 1 of the assessment year, the maximum assessed value of the property shall be the sum of:
(a) The maximum assessed value determined under ORS 308.146 (Determination of maximum assessed value and assessed value); and
(b) The product of the value of the new property or new improvements determined under subsection (2)(a) of this section multiplied by the ratio, not greater than 1.00, of the average maximum assessed value over the average real market value for the assessment year.
(2)(a) The value of new property or new improvements shall equal the real market value of the new property or new improvements reduced (but not below zero) by the real market value of retirements from the property tax account.
(b) If the maximum assessed value of property is adjusted for fire or act of God or for demolishment or removal of a building under ORS 308.146 (Determination of maximum assessed value and assessed value), the reduction in real market value due to fire or act of God or demolishment or removal of the building may not be considered to be a retirement under this subsection.
(3) The property’s assessed value for the year shall equal the lesser of:
(a) The property’s maximum assessed value; or
(b) The property’s real market value. [1997 c.541 §11; 1999 c.1003 §4; 2001 c.509 §9; 2007 c.516 §2]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.