Oregon Administrative Rules › Chapter 150 - DEPARTMENT OF REVENUE › Division 310 - LEVY OF PROPERTY TAX; TAX REDUCTION PROGRAMS › Section 150-310-0050 - Tax Rate Computation

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 county assessor shall compute the tax rate for each district that levies an ad
			 valorem tax by dividing the district's levy after offsets by the assessed value
			 used to compute the tax rate. The computed tax rate shall be carried to seven
			 decimal places and truncated. A separate tax rate shall be calculated for each
			 category of levy of a taxing district.
(2) In the event that total taxes extended
			 against a property exceed the limitation imposed on a category of taxes defined
			 by Subsection (1) of Section 11b, Article XI of the Oregon Constitution, the
			 taxes imposed upon such property in that category shall be reduced evenly by
			 the percentage necessary to meet the limitation for that category as defined in
			 this rule.
(3) For each property in
			 the county, those taxes to be imposed for the purpose of funding the public
			 school system, but not to pay principal and interest on exempt bonded
			 indebtedness, shall be limited to the amount provided in the following schedule
			 for each $1,000 of real market value of the property: [Schedule not included.
			 See ED. NOTE.]
(4) For each
			 property in the county, those taxes to be imposed for the purpose of funding
			 other government operations, but not to pay principal and interest on exempt
			 bonded indebtedness, shall be limited to $10 for each $1,000 of real market
			 value of the property.
(5) If the
			 taxes in either category to be imposed on any property exceed the limit
			 established for that category in Subsection (3) and (4) of this section, the
			 assessor shall reduce the taxes by applying a reduction percentage. The
			 reduction percentage shall be calculated by subtracting the limit for the
			 category from the total taxes to be imposed in that category and dividing the
			 difference by the amount of the combined tax in the category. The assessor
			 shall then subtract from the taxes that would otherwise be imposed, that
			 proportion of the taxes in the category obtained by multiplying the reduction
			 percentage times the taxing unit's total tax within the category.
(6) After application of the reduction
			 percentage to the taxes within each category, the total amount of taxes to be
			 imposed on the property in either category may be different from the maximum
			 amount that may be imposed due to rounding. In such a case, the tax amount for
			 the district that has the greatest amount of taxes in that category shall be
			 adjusted so that the amount of taxes to be imposed is equal to the maximum that
			 may be imposed.
(7) The reduction
			 percentage shall be carried to at least seven (7) digits.
(8) Alternately, the county may use the
			 reciprocal of the reduction percentage to determine the amount of taxes that
			 may be imposed on a property. When using the reciprocal, the amount of taxes
			 imposed is calculated by multiplying the taxes extended by the reciprocal
			 percentage. The result is the amount of taxes imposed.
(9) The difference between the taxes imposed
			 and the taxes extended is the amount of loss reported by the assessor under ORS
			 311.105(A).
(10) When computing additional taxes for
			 specially assessed properties that were disqualified prior to June 30, 1991, no
			 compression of taxes is required. If specially assessed property is
			 disqualified for tax year beginning on or after July 1, 1991, the provisions of
			 ORS 310.165(4)
			 apply for computing the additional taxes. (The maximum tax will be based on the
			 real market value of the property for each year of special assessment).
			 [Example not included. See ED. NOTE.]
Schedules and examples referenced are available from the
				  agency.
Stat. Auth.: ORS
				  305.100
Stats. Implemented: ORS
				  310.090