Oregon 2024 Regular Session

Oregon House Bill HB4141

Introduced
2/5/24  
Refer
2/5/24  

Caption

Relating to property tax interest; prescribing an effective date.

Impact

The anticipated impact of HB 4141 on state laws primarily revolves around the amendments to ORS 311.505, which governs the collection of property taxes and the interest associated with any delinquent payments. With the interest rate adjustment, property owners may find it less costly and more achievable to settle their tax debts. This change is particularly aimed at providing relief to those in financial difficulty and may lead to an increase in timely payments, potentially improving state revenue streams in the long run. By easing the financial strain on property owners, the bill could positively affect housing stability and local economies.

Summary

House Bill 4141 proposes a significant change to the way interest is calculated on delinquent property taxes in Oregon. The bill aims to reduce the interest charged from 1.33 percent per month to a much more manageable 1.33 percent per year. This reform is part of an effort to alleviate some of the financial burdens placed on property owners who fall behind on their tax payments, allowing for easier repayment terms and encouraging timely resolutions of outstanding debts. The measure is set to come into effect 91 days after the legislature adjourns, indicating a future-oriented approach to tax policy in the state.

Sentiment

Sentiment around HB 4141 appears to be generally favorable, especially among individuals and groups advocating for tax relief and financial assistance to struggling taxpayers. Supporters argue that lowering the interest rate is a necessary step towards fairer tax practices that take into account the economic challenges faced by many citizens. However, there may be apprehensions from those concerned about the potential effects on state revenue, as reduced penalties on delinquent taxes could impact the availability of funds for public services. Overall, advocates view the bill as a positive reform for taxpayers in Oregon.

Contention

While HB 4141 is poised to provide essential support to property owners, there are concerns about the implications of lowering the delinquent tax interest rate. Critics may argue that such a reduction could disincentivize prompt tax payments and lead to a reduced revenue base for state and local governments. Furthermore, debates are likely to arise regarding how these changes will affect the enforcement capabilities of tax collection agencies. Balancing the benefits of reduced interest with the need for sustaining public funding will be a key point of contention as the bill progresses through the legislative process.

Companion Bills

No companion bills found.

Previously Filed As

OR HB3119

Relating to interest on delinquent taxes; prescribing an effective date.

OR HB2086

Relating to property tax assessment; and prescribing an effective date.

OR HB2033

Relating to instruments conveying title to real property; and prescribing an effective date.

OR SB884

Relating to property tax exemption for disabled veterans; prescribing an effective date.

OR HB3386

Relating to the administration of the property tax system; prescribing an effective date.

OR SB976

Relating to tax treatment of mortgage interest; prescribing an effective date.

OR HB2080

Relating to the property tax system; and prescribing an effective date.

OR SB314

Relating to interest rates applicable to child support payments in arrears; prescribing an effective date.

OR HB2629

Relating to tax exemption for the property of veterans; prescribing an effective date.

OR SB447

Relating to an income tax subtraction for student loan interest; prescribing an effective date.

Similar Bills

CA AB2013

Property taxation: new construction: damaged or destroyed property.

CA AB1500

Property taxation: application of base year value: disaster relief.

CA AB245

Property taxation: application of base year value: disaster relief.

DC B25-0486

Uniform Community Property Disposition at Death Act of 2023

CA SB964

Property tax: tax-defaulted property sales.

CA SB603

Property taxation: transfer of base year value: disaster relief.

CA SB1091

Property taxation: transfer of base year value: disaster relief.

HI HB1398

Relating To Property.