Module 3-6

Question 1

The tax rate available to any taxing district is called the

Answer 1

permanent operating tax rate.

Question 2

The permanent rate limit can only be raised by a …

Answer 2

double majority of the voters AKA 50%

Question 3

what is the rate for taxes

Answer 3

per $1000 of assessed value

Question 4

The rate for the local option tax is calculated as follows:

Answer 4

tax levy amount / taxable assessed value = tax rate

Question 5

The final rate chargeable to any property is limited by the constitutional limits often called…..

Answer 5

Measure 5 limits.

Question 6

The amount per $1000 used to calculate taxes on property is called the ______ ______

Answer 6

millage rate.

Question 7

Property tax is calculated in ______

Answer 7

mills.

Question 8

When are tax payments due if paying in one lump sum and what discount is received

Answer 8

November 15 3%

Question 9

when are property taxes due if paying in 3 installments

Answer 9

November 15
February 15
May 15

Question 10

If the tax payer elects to pay 2/3 of the payment due on November 15 what discount does the tax payer receive

Answer 10

2%

Question 11

at what monthly rate do late payments acre interest?

Answer 11

1 1/3% of 16% per year

Question 12

Property is subject to foreclosure when property taxes are how many years late

Answer 12

3

Question 13

how long does a property owner have to redeem their property against any delinquent property taxes

Answer 13

2 years

must pay all taxes owed plus interest and 5% penalty, $50 redemption fee, and interest at the rate of 9% annum

Question 14

Taxes are levied and become a lien against the property on July __; tax payments are due November __ of the same calendar year; property tax bills are sent out on or before October __ of each year.

Answer 14

1
15
25

Question 15

TRUE or FALSE

Property taxes become a lien on property on November 15th.

Answer 15

FALSE

Question 16

TRUE or FLASE

The real property tax year for the State of Oregon is July 1st through June 30th of the following year.

Answer 16

TRUE

Question 17

the personal property tax year runs from January __ of the current year through December ___ of the current year.

Answer 17

1

31

Question 18

Oregon has an ___ ______ property tax system, which means the property taxes you pay are based on the value the county assessor establishes for your property.

Answer 18

ad valorem

Question 19

the value used to calculate your tax. It is the lesser of RMV or MAV.

Answer 19

assessed value

Question 20

the greater of 103 percent of the prior year’s assessed value or 100 percent of the prior year’s MAV

Answer 20

Maximum Assessed Value

MAV does not appear on most tax statements.

Question 21

the value the assessor has estimated your property would sell for on the open market as of the assessment date.

Answer 21

Real Market Value (RMV

RMV appears on most property tax statements.

Question 22

means a change to property, not including general ongoing maintenance and repair or minor construction.

Answer 22

Exception

Question 23

a value established by statute.

Answer 23

Specially Assessed Value (SAV)

Question 24

If you wish to appeal the value of industrial property appraised by the Department of Revenue (DOR), you must file your appeal with the Magistrate Division of the Tax Court. The deadline to file an appeal is December __

Answer 24

31

Question 25

Appealing to the county _______________________ (BOPTA) is generally the first step in the appeal process. Most appeals start at this level.

Answer 25

Board of Property Tax Appeals

Question 26

TRUE or FALSE

If property taxes remain unpaid for two years after their due date, the county can initiate tax foreclosure proceedings.

Answer 26

FALSE

Real property is subject to foreclosure when taxes are three years delinquent on May 16th of the third year.