Or. Admin. R. 150-308-0110 - Reduction of Maximum Assessed Value (MAV) for Property Destroyed or Damaged by Fire or Act of God
Current through Register Vol. 61, No. 4, April 1, 2022
Note: An example is incorporated into the steps with the following assumptions:
2008-09 MAV = $187,379
2008-09 (1-1-08) total RMV equals $300,000.
2008-09 assessed value (AV) = $187,379.
9-1-08 the house is destroyed by fire. The house RMV for 1-1-08 was $180,000.
There is no market trending in this area.
Step 1: Multiply the prior year AV by 1.03. Compare the result to the prior year MAV to determine the larger amount. The larger amount becomes the current year MAV (unadjusted) as if the account had not changed, i.e., the larger of: Prior year AV x 1.03 or prior year MAV = current year MAV of unchanged account.
Example: Larger of: $187,379 x 1.03 = $193,000 or $187,379. Current year MAV = $193,000.
Step 2: Determine the prior year's RMV for the affected portion. The affected portion is that part of the property that was destroyed or damaged by fire or act of God. The RMV of the loss is the RMV of the affected portion.
Example: RMV of affected portion equals $180,000.
Step 3: Subtract the RMV of the affected portion (Step 2) from the prior year total RMV to determine the RMV of the unaffected portion, i.e., the prior year total RMV - RMV of the affected portion = RMV of the unaffected portion.
Example: $300,000 - $180,000 = $120,000.
Step 4: Divide the RMV of the unaffected portion (Step 3) by the total prior year RMV to determine the percentage of unaffected property, i.e., the RMV of the unaffected portion / total prior year RMV = percentage of unaffected property.
Example: $120,000 / $300,000 = 40%
Step 5: Multiply the unadjusted MAV (Step 1) by the percentage of unaffected property (Step 4) to determine MAV that has been adjusted to reflect the loss from fire or act of God (MAV attributable to the unaffected portion only), i.e., the unadjusted MAV x percentage of unaffected property = MAV adjusted to reflect the loss from fire or act of God.
Example: $193,000 x 40% = $77,200.
Stat. Auth.: ORS 305.100
Stats. Implemented: ORS 308.149
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