Bill Text: OR SB447 | 2013 | Regular Session | Introduced
Bill Title: Relating to property taxation; prescribing an effective date.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2013-07-08 - In committee upon adjournment. [SB447 Detail]
Download: Oregon-2013-SB447-Introduced.html
77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session NOTE: Matter within { + braces and plus signs + } in an amended section is new. Matter within { - braces and minus signs - } is existing law to be omitted. New sections are within { + braces and plus signs + } . LC 1121 Senate Bill 447 Sponsored by Senator GEORGE (Presession filed.) SUMMARY The following summary is not prepared by the sponsors of the measure and is not a part of the body thereof subject to consideration by the Legislative Assembly. It is an editor's brief statement of the essential features of the measure as introduced. Reduces monthly interest on delinquent property tax payments to lesser of prime rate plus one percent, multiplied by one-twelfth, or two-thirds of one percent. Takes effect on 91st day following adjournment sine die. A BILL FOR AN ACT Relating to property taxation; amending ORS 311.505; and prescribing an effective date. Be It Enacted by the People of the State of Oregon: SECTION 1. ORS 311.505 is amended to read: 311.505. (1) Except as provided in subsection (6) of this section, the first one-third of all taxes and other charges due from the taxpayer or property, levied or imposed and charged on the latest tax roll, shall be paid on or before November 15, the second one-third on or before February 15, and the remaining one-third on or before May 15 next following. (2) { + (a) + } Interest shall be charged and collected on any taxes on property, other charges, and on any additional taxes or penalty imposed for disqualification of property for special assessment or exemption, or installment thereof not paid when due, { - at the rate of one and one-third percent - } { + payable + } per month { - , - } or fraction of a month until paid { - . - } { + , at a rate equal to the lesser of: (A) The prime rate on the date the amounts owing become delinquent plus one percent, multiplied by one-twelfth; or (B) Two-thirds of one percent. (b) As used in this subsection, 'prime rate' means the primary credit rate of the discount window program of the United States Federal Reserve System. + } (3) Discounts shall be allowed on partial or full payments of such taxes, made on or before November 15 as follows: (a) Two percent on two-thirds of such taxes so paid. (b) Three percent where all of such taxes are so paid. (4) For purposes of this section, 'taxes' includes all taxes on property as defined in ORS 310.140 and certified to the assessor under ORS 310.060 except taxes assessed on any other property which have by any means become a lien against the property for which the payment was made. (5) All interest collected and all discounts allowed shall be prorated to the several municipal corporations, taxing districts and governmental agencies sharing in the taxes or assessments. (6) If the total property tax is less than $40, no installment payment of taxes shall be allowed. SECTION 2. { + This 2013 Act takes effect on the 91st day after the date on which the 2013 regular session of the Seventy-seventh Legislative Assembly adjourns sine die. + } ----------