Current through Register Vol. 61, No. 4, April 1, 2022
Definitions for this rule:
property ratio" (CPR) is the ratio, not greater than 1.00, of the average
maximum assessed value over the average real market value for the assessment
year in the same area and property class.
(b) "Nominal tax rate" is the tentative
consolidated ad valorem property tax rate by code area described in ORS
When applicable, the nominal tax rate can be adjusted to reflect a reduction of
tax to meet the limitations identified under Section 11b, Article XI of the
tax rate" for any given property is the nominal tax rate, as described in
subsection (1)(b), multiplied by the appropriate CPR, described in subsection
effective tax rate can be determined by the following methodology:
(a) Select the nominal tax rate known on the
assessment date. For example, the assessment date of January 1, 2008 requires
the nominal tax rate calculated for the prior tax year, 2007-08.
Multiply the nominal rate by the CPR
applicable to the assessment date, considering the subject property
classification and location. The result is the effective tax rate.
Example 1: An apartment complex is being
valued for assessment purposes, in an area with a changed property ratio of 65%
or 0.65 and a nominal tax rate of $19.8615 per thousand of assessed value
(1.98615%) or .0198615; the effective tax rate is calculated as follows:
Changed Property Ratio (CPR) x Nominal Tax Rate (NTR) = Effective Tax Rate
(ETR) 0.65 (CPR) x .0198615 (NTR) = 0.01291 (ETR) or 1.3%
Admin. R. 150-308-0290
f. 8-29-08, cert. ef. 8-31-08; Renumbered from 150-308.205-(G),
57-2016, f. 8-13-16, cert. ef.
Stat. Auth.: ORS
Stats. Implemented: ORS