2007 ORS 308A.256¹
Maximum assessed value and assessed value of homesites

(1) The maximum assessed value and assessed value of a homesite shall be determined as provided in this section.

(2) A homesite shall have an assessed value for ad valorem property tax purposes for the tax year equal to the lesser of the homesite’s maximum assessed value or homesite value.

(3) The homesite value for purposes of ORS 308A.250 (Definitions for ORS 308A.250 to 308A.259) to 308A.259 (Disqualification of homesite) shall equal the real market value of the bare land of the total parcel and contiguous acres under same ownership, as determined under ORS 308.205 (Real market value defined), divided by the number of acres in the total parcel and contiguous acres under the same ownership, plus the lesser of:

(a) $4,000; or

(b) The depreciated replacement cost of land improvements necessary to establish the homesite.

(4) For the purposes of establishing a homesite value, the value of one acre of land for each homesite, as determined in subsection (3) of this section shall be used.

(5) The homesite’s maximum assessed value shall equal 103 percent of the homesite’s assessed value for the previous tax year or 100 percent of the homesite’s maximum assessed value for the previous tax year, whichever is greater.

(6) For the first tax year for which property constitutes a homesite under this section, the homesite’s maximum assessed value shall equal the homesite’s value as determined under subsection (3) of this section multiplied by the ratio of average maximum assessed value to real market value of the residential property class in the county. [Formerly 308.377; 2003 c.169 §2]

Atty. Gen. Opinions

Criteria to apply in classifying land as open space, (1972) Vol 35, p 1273; golf course as open space land, (1980) Vol 40, p 288

Notes of Decisions

This sec­tion requires use of true cash value or market value of land rather than its farm use value. Beach v. Dept. of Rev., 11 OTR 256 (1989)

Roll-back penalty under ORS 308.399 does not apply to land converted from farm use to residential use in conjunc­tion with farm use. Douglas County v. Dept. of Rev., 12 OTR 243 (1992), aff'd 316 Or 383, 852 P2d 181 (1993)

Notes of Decisions

The purpose of this legisla­tion is to defeat effect on bona fide farmer of increased assess­ments growing out of highest and best use require­ment. Hulburt v. Dept. of Rev., 4 OTR 475 (1971)

1 Legislative Counsel Committee, CHAPTER 308A—Land Special Assessments, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­308a.­html (2007) (last ac­cessed Feb. 12, 2009).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 308A, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­308aano.­htm (2007) (last ac­cessed Feb. 12, 2009).
 
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.