Oregon's Measure 5 and Measure 50 property tax limitations:
Correct Answer
B) Cap tax rates at $15 per $1,000 of real market value and limit assessed value growth to 3% annually, creating significant differences between assessed and market values
Oregon's tax measures cap property tax rates and limit assessed value growth to 3% per year (vs. actual market changes). This creates growing gaps between assessed value and market value, with a 'reset' only upon new construction or certain changes.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
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