Or. Admin. R. 150-307-0230 - Valuation of Summer Home Properties
Current through Register Vol. 61, No. 4, April 1, 2022
Example: Comparison of improvements. Sales of comparable improved properties owned in fee simple indicate a market value of $75,000. The land value for these properties is indicated from land sales to be $15,000. Thus, an indicated value of $60,000 ($75,000-$15,000) is indicated for the improvements of the subject summer home property. This value may not be applicable for the summer home property if the lease term (or expected continuation of the lease) is less than the anticipated life of the improvements.
Example: Land to property ratio. Sales of comparable improved properties owned in fee simple indicate a land to property ratio of 20% and a market value of $75,000 for the subject summer home property. Thus, the indicated value for the summer home property is $60,000 (80% times $75,000).
Stat. Auth.: ORS 305.100
Stats. Implemented: ORS 307.183
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