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 or
encumbrances of any kind against the property, regardless of
(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 considered at the discretion of the
homesteads that were in the property tax deferral program before July 1, 2011
and 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 entered into on or after July 1, 2011, and before January 1, 2017,
the homestead must meet an equity test set forth in ORS
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
in calculating the equity percentage in the property, deferral program
applicants must provide the department with all the following information along
with the application:
(a) A mortgage
statement for each mortgage currently secured against the house that is issued
no more than one month prior to the date the application is submitted which
shows the current balance due.
The most recent statement(s) of all other debts secured against the property
showing the current balance(s) due.
(6) The department may require a title
encumbrance report issued by a title company be provided by the applicant at