Carefully check your current property tax statement from your county assessor. If you still have questions, contact your assessor or an attorney. The Division of State Lands can also provide information on the status of the state's ownership claim. Keep in mind that if a waterway is navigable, state ownership would normally extend to the ordinary high water line. There is no effect on valid water rights.
Navigability is a land ownership issue.
If a water right is obtained from the Oregon Water Resources Department, an easement must also be obtained from the Division for placement of the water diversion facility if it is located in a navigable or tidal waterway.