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The 2013 legislative session may see the first significant changes to the voter-approved property tax limitations from the 1990’s. In 1990, the voters approved Measure 5, which imposed strict limitations on the amount of tax that general governments, such as cities, counties and special districts, as well as schools could impose on property. In particular, general governments could impose no more than $10 tax per $1,000 of real market value and schools could impose no more $5 per $1,000. In 1997, the voters restricted property taxes even further by passing Measure 50, which re-set the taxable value of all property to 90% of the property’s real market value and then limited further growth in that value to 3% annually.

These limitations had consequences that have hamstrung both general governments and school districts. The League of Oregon Cities has proposed two fixes that would relieve some of the restrictions and could remedy some inequities in the way property taxes are assessed. The two fixes are aimed at two different problems:

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We regularly update clients about changes in real estate law and on industry trends. This includes briefing clients on legislative proposals in the federal tax, housing and other legal areas affecting their businesses. Staying current enables you to anticipate and prevent legal problems as well as capitalize on new developments.
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