Bill Text: OR SB670 | 2013 | Regular Session | Introduced

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Bill Title: Relating to property tax exemption for personal property; prescribing an effective date.

Spectrum: Strong Partisan Bill (Republican 37-3)

Status: (Failed) 2013-07-08 - In committee upon adjournment. [SB670 Detail]

Download: Oregon-2013-SB670-Introduced.html

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     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 2519

                         Senate Bill 670

Sponsored by Senator KNOPP, Representative DAVIS; Senators
  BAERTSCHIGER JR, BEYER, BOQUIST, CLOSE, FERRIOLI, GEORGE,
  GIROD, JOHNSON, KRUSE, MONNES ANDERSON, OLSEN, STARR, THOMSEN,
  WHITSETT, WINTERS, Representatives CAMERON, CONGER, ESQUIVEL,
  FREEMAN, GILLIAM, HANNA, HICKS, HUFFMAN, JENSON, JOHNSON,
  KENNEMER, KRIEGER, MCLANE, OLSON, PARRISH, RICHARDSON, SMITH,
  SPRENGER, THATCHER, THOMPSON, WEIDNER, WHISNANT, WHITSETT

                             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.

  Increases ceiling amount of total assessed value of taxable
personal property for purposes of exemption from property
taxation. Applies to property tax years beginning on or after
July 1, 2014.
  Takes effect on 91st day following adjournment sine die.

                        A BILL FOR AN ACT
Relating to property tax exemption for personal property;
  creating new provisions; amending ORS 308.250; and prescribing
  an effective date.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 308.250 is amended to read:
  308.250. (1) All personal property not exempt from ad valorem
taxation or subject to special assessment shall be valued at 100
percent of its real market value, as of January 1, at 1:00 a.m.
and shall be assessed at its assessed value determined as
provided in ORS 308.146.
  (2)(a) If the total assessed value of all taxable personal
property required to be reported under ORS 308.290 in any county
of any taxpayer is less than   { - $12,500 - }   { + $25,000 + }
in any assessment year, the county assessor shall cancel the ad
valorem tax assessment for property required to be reported under
ORS 308.290 for that year.
  (b) If, in a county with a population of more than 340,000, the
total assessed value of all manufactured structures taxable as
personal property under ORS 308.875 of any taxpayer is less than
$12,500 in any assessment year, the county assessor shall cancel
the ad valorem tax assessment for the manufactured structures for
that year.
  (3) In any assessment year or years following an assessment
year for which taxes are canceled under subsection (2)(a) of this
section, the taxpayer may meet the requirements of ORS 308.290 by
filing, within the time required or extended under ORS 308.290, a
verified statement with the county assessor indicating that the
total assessed value of all taxable personal property of the
taxpayer required to be reported under ORS 308.290 in the county
is less than   { - $12,500 - }  { +  $25,000 + }. The statement
shall contain the name and address of the taxpayer, the
information needed to identify the account and other pertinent
information, but shall not be required to contain a listing or
value of property or property additions or retirements.
  (4)(a) For each tax year beginning on or after July 1, 2003,
the Department of Revenue shall recompute the maximum amount of
the assessed value of taxable personal property in subsection
(2)(a) and (b) of this section for which ad valorem property
taxes may be canceled under this section. The computation shall
be as follows:
  (A) Divide the average U.S. City Average Consumer Price Index
for the prior calendar year by the average U.S. City Average
Consumer Price Index for 2002.
  (B) Recompute the maximum amount of assessed value for which
taxes may be canceled under subsection (2)(a) or (b) of this
section by multiplying  { + $25,000 or + } $12,500 { + ,
respectively, + } by the appropriate indexing factor determined
as provided in subparagraph (A) of this paragraph.
  (b) As used in this subsection, 'U.S. City Average Consumer
Price Index' means the U.S. City Average Consumer Price Index for
All Urban Consumers (All Items) as published by the Bureau of
Labor Statistics of the United States Department of Labor.
  (c) If any change in the maximum amount of assessed value
determined under paragraph (a) of this subsection is not a
multiple of $500, the increase shall be rounded to the nearest
multiple of $500.
  SECTION 2. ORS 308.250, as amended by section 2, chapter 69,
Oregon Laws 2010, is amended to read:
  308.250. (1) All personal property not exempt from ad valorem
taxation or subject to special assessment shall be valued at 100
percent of its real market value, as of January 1, at 1:00 a.m.
and shall be assessed at its assessed value determined as
provided in ORS 308.146.
  (2) If the total assessed value of all taxable personal
property required to be reported under ORS 308.290 in any county
of any taxpayer is less than   { - $12,500 - }   { + $25,000 + }
in any assessment year, the county assessor shall cancel the ad
valorem tax assessment for that year.
  (3) In any assessment year or years following an assessment
year for which taxes are canceled under subsection (2) of this
section, the taxpayer may meet the requirements of ORS 308.290 by
filing, within the time required or extended under ORS 308.290, a
verified statement with the county assessor indicating that the
total assessed value of all taxable personal property of the
taxpayer required to be reported under ORS 308.290 in the county
is less than   { - $12,500 - }  { +  $25,000 + }. The statement
shall contain the name and address of the taxpayer, the
information needed to identify the account and other pertinent
information, but shall not be required to contain a listing or
value of property or property additions or retirements.
  (4)(a) For each tax year beginning on or after July 1, 2003,
the Department of Revenue shall recompute the maximum amount of
the assessed value of taxable personal property for which ad
valorem property taxes may be canceled under this section. The
computation shall be as follows:
  (A) Divide the average U.S. City Average Consumer Price Index
for the prior calendar year by the average U.S. City Average
Consumer Price Index for 2002.
  (B) Recompute the maximum amount of assessed value for which
taxes may be canceled by multiplying   { - $12,500 - }
 { + $25,000 + } by the appropriate indexing factor determined as
provided in subparagraph (A) of this paragraph.
  (b) As used in this subsection, 'U.S. City Average Consumer
Price Index' means the U.S. City Average Consumer Price Index for
All Urban Consumers (All Items) as published by the Bureau of
Labor Statistics of the United States Department of Labor.
  (c) If any change in the maximum amount of assessed value
determined under paragraph (a) of this subsection is not a
multiple of $500, the increase shall be rounded to the nearest
multiple of $500.
  SECTION 3.  { + The amendments to ORS 308.250 by sections 1 and
2 of this 2013 Act apply to property tax years beginning on or
after July 1, 2014. + }
  SECTION 4.  { + 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. + }
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