A homeowner in Portland receives her annual property tax statement. The county assessor lists her property's Real Market Value (RMV) at $480,000 and her Maximum Assessed Value (MAV) at $310,000. Which value will the county use to calculate her property tax bill?
Correct Answer
C) The Maximum Assessed Value of $310,000
Under Oregon's Measure 50 and ORS 308.146, property taxes are calculated on the Assessed Value (AV), which is defined as the LESSER of the Real Market Value (RMV) or the Maximum Assessed Value (MAV). Since the MAV of $310,000 is less than the RMV of $480,000, the Assessed Value equals $310,000, and taxes are calculated on that amount.
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