Current through Register Vol. 61, No. 4, April 1, 2022
Interest Computation. The interest computed under ORS
by the assessor on the payments made under the agreements to the taxing units
shall be ordinary interest and not compounded. For the first year the facility
is allowed a reduction in real market value for the purpose of computing the
rate of levy, the interest shall be computed from the date of each payment to
the November 15th due date for the tax roll for which the first value reduction
is allowed. For each succeeding year, the interest shall be computed from
November 16th to the following November 15th and shall be computed on that
portion of the payments made by the facility which has not been used to fund a
real market value reduction.
Allocation of Payment to Real Market Value Reduction. Each year in which a
reduction of real market value is allowed, the payments made by the facility
and the interest accrued thereon shall each be charged to fund the reduction in
the proportion that each is to the combined sum existing as of November 15th.
The amount charged against the payment and interest shall be the gross amount
of the ad valorem tax which would have been extended against the value
Admin. R. 150-311-0820
RD 9-1983, f.
12-20-83, cert. ef. 12-31-83; RD 8-1991, f. 12-30-91, cert. ef. 12-31-91;
Renumbered from 150-311.860,
27-2016, f. 8-12-16, cert. ef.
Stat. Auth.: ORS
Stats. Implemented: ORS