Current through Register Vol. 61, No. 4, April 1, 2022
For purposes of
(a) "Debt" means the current
balances due on all liens, judgments or other outstanding obligations against
the property, regardless of priority.
(b) "Home value" means the real market value
shown on the last certified tax roll for the homestead, adjusted by multiplying
by the year-over-year percentage change in the Federal Housing Finance Agency
House Price Index for Oregon, fourth quarter. Information provided by the
deferral applicant for use in determining their home value may also be
homesteads that were in the property tax deferral program before July 1, 2011,
and are subject to a reverse mortgage entered into before 2011, no equity test
is required and sections (3) to (6) of this rule are not applicable.
(3) For homesteads subject to reverse
mortgages that were entered into on or after July 1, 2011, and before January
1, 2017, the homestead must meet an equity test in which the applicant's equity
in the property equals or exceeds 40 percent of the home value at the time of
application for deferral. The equity percentage of the property shall be
determined as described in section (4) of this rule.
(4) Equity equals the home value minus the
debt. The equity percentage is calculated by dividing the equity by the home
To assist the department
with calculating the equity percentage in the property, deferral program
applicants must provide the department with all of the following along with the
(a) A mortgage statement(s)
issued no more than a month prior to application showing current balance
(b) The most recent
statement(s) of all other debts against the property showing current balance
(6) The department
may require a title encumbrance report issued by a title company be provided by
(7) This rule is
effective December 1, 2019 and is applicable to deferral applications filed for
the 2020-2021 tax year.