Base Appraisal Date
Properties are valued/appraised as of the January 1st directly preceding the fiscal tax year.
Real Market Value
RMV is an abbreviation for Real Market Value and is the amount in cash that could reasonably be expected to be paid by an informed buyer to an informed seller.
The assessed value of a property shall be the lower of the property’s real market value or the property’s maximum assessed value.
Maximum Assessed Value
The maximum assessed value shall equal 103 percent of the property’s assessed value from the prior year or 100 percent of the property’s maximum assessed value from the prior year whichever is greater.
Oregon Ballot Measure 50
Measure 50, passed in 1997, cut taxes, introduced assessed value growth limits, and replaced most tax levies with permanent tax rates. It transformed the system from one primarily based on levies to one primarily based on rates.