Determining value for farm use
- • procedure
(1) This section applies to:
(a) Exclusive farm use zone farmland that qualifies for special assessment under ORS 308A.062 (Qualification of exclusive farm use zone farmland); and
(b) Nonexclusive farm use zone farmland that qualifies for special assessment under ORS 308A.068 (Qualification of nonexclusive farm use zone farmland).
(2) The values for farm use of farmland shall be determined utilizing an income approach. In utilizing the income approach, the capitalization rate shall be the effective rate of interest charged in Oregon by the Federal Farm Credit Bank system at the time of closing on loans for farm properties estimated as an average over the past five reported calendar years, plus a component for the local tax rate. The Department of Revenue annually shall determine and specify the rate according to the best information available, and shall certify the rate to the county assessors.
(3) The county assessors shall develop tables for each assessment year that reflect, for each class and area, the values determined under this section and that express the values as values per acre. [Formerly 308.345; 2011 c.193 §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.