Opinion ID: 1188758
Heading Depth: 1
Heading Rank: 3

Heading: Valuation procedure in this court

Text: As we stated in Bend Millwork v. Dept. of Revenue, 285 Or. 577, 580, 592 P.2d 986 (1979), in appeals from the Tax Court, this court performs two separate appellate functions. One is to try the case anew upon the record. ORS 305.445 and ORS 19.125(3). In addition, the court sits as an error correcting court, in performing ordinary appellate functions of deciding whether the trial court committed an error of law. In this case we are largely involved with the former function, the fact-finding function of trying this case anew upon the record in order to determine the true cash value of the subject properties. ORS 308.205 defines true cash value as    market value as of the assessment date. The Department of Revenue's Rule OAR 150-308.205-(A)2 provides: Methods and Procedures for Determining True Cash Value: Real property shall be valued through the market data approach, cost approach and income approach. Any one of the three approaches to value, or all of them, or a combination of approaches, may finally be used by the appraiser in making an estimate of market value, depending upon the circumstances. It is permissible for the court (both the Tax Court and this court) to use one, more than one, or all these approaches in determining valuation of property. Pacific Power & Light Co. v. Dept. of Rev., 286 Or. 529, 533, 596 P.2d 912 (1979).