Oregon 2025 Regular Session

Oregon Senate Bill SJR3

Introduced

1/13/25

Refer

1/17/25

Caption

Proposing an amendment to the Oregon Constitution relating to ad valorem property taxation.

Impact

This measure is significant as it modifies existing constitutional provisions that govern property taxes in Oregon. By mandating reassessment on property sales, the bill aims to create a fairer taxation system, ensuring property values reflect current market conditions. Local governments may benefit from extended authority on local option taxes, giving them additional financial mechanisms to fund services or projects without being constrained by strict property tax limitations.

Summary

SJR3 proposes amendments to the Oregon Constitution concerning ad valorem property taxation. The amendments specify that the maximum assessed value for property will be reassessed upon sale, and establish that the ratio of maximum assessed value to real market value cannot be less than 0.75. Additionally, the bill seeks to extend the maximum duration for which a local option tax can be enacted, enabling local governments to impose such taxes while adhering to the stipulated maximum assessed values.

Sentiment

The sentiment surrounding SJR3 appears to be mixed. Proponents argue that the changes will provide much-needed flexibility for local governments and allow property values to be accurately reflected in tax assessments, potentially leading to more equitable tax burdens across communities. Conversely, opponents express concern that the amendments may lead to increased local government reliance on property taxes, possibly placing a heavier burden on property owners.

Contention

Notable points of contention arise from the implications of changing the ratio requirements and reassessment triggers. Critics fear that by making it easier for local governments to impose taxes, there could be a potential for excessive taxation that may not always align with residents' financial capabilities. Supporters contend that correctly assessing property values fosters a more equitable tax structure, while opponents worry about the potential for increased tax rates and local government spending.

Latest SJR3 Activity

Companion Bills

No companion bills found.

Similar Bills

OR SJR201

Proposing amendment to Oregon Constitution to exclude partial exemptions and property tax credits from requirement of redetermining maximum assessed value of property granted exemption or credit.

OR SJR2

Proposing an amendment to the Oregon Constitution relating to excluding partial exemptions and property tax credits from the requirement of redetermining the maximum assessed value of property granted exemption or credit.

IA HF718

A bill for an act relating to local government property taxes, financial authority, operations, and budgets, modifying certain transit funding, property tax credits and exemptions, and appropriations, requiring certain information related to property taxation to be provided to property owners and taxpayers, modifying provisions relating to fees for driver's licenses and nonoperator's identification cards, modifying provisions relating to certain writing fees, modifying certain bonding procedures, making penalties applicable, and including effective date, applicability, and retroactive applicability provisions. (Formerly HF 1.) Effective date: 05/04/2023, 07/01/2023, 07/01/2024. Applicability date: 01/01/2023, 07/01/2023, 07/01/2024.