The following information is provided to help you understand how your property was assessed. We encourage you to contact the assessor’s office if you have any questions at 503.988.2225. We can help you understand how your property value was determined.
Assessed Value (AV) is the value used to calculate your tax. It is the lower of Real Market Value (RMV) or Maximum Assessed Value (MAV). The total Assessed Value is shown on your property tax statement.
Real Market Value (RMV) is the value the assessor has estimated your property would sell for on the open market as of the assessment date. The assessment date for all Real and Personal Property is January 1st.
Maximum Assessed Value (MAV) was established by Ballot Measure 50 for the 1997-98 tax year. MAV is the greater of 103% of the prior year's assessed value (AV), or 100 percent of the prior year's MAV, whichever is greater.
MAV’s for properties that existed prior to 1995 were set based on the 1995-1996 Real Market Value (RMV) less 10%. MAVs for “new” properties (constructed or created after 1995) are set by multiplying the property's Real Market Value (RMV) at the time of construction or creation by the Changed Property Ratio (CPR) for that year.
MAV is the only part of your tax bill where a 3% increase limit applies. However, your MAV can increase above 3 percent of the prior year's assessed value if certain things defined as exceptions are made to your property.
Maximum assessed value does not appear on your tax statement.
Exception means a change to property, not including general on-going maintenance and repair, that increases your property's value by more than $10,000 in one year or by more than $25,000 over five assessment years.
Changes that could affect maximum assessed value include, but are not limited to
new construction or additions of more than $10,000 in one year or $25,000 over 5 years
major remodeling or reconstruction of more than $10,000 in one year or $25,000 over 5 years
rezoning along with a change of use
partitioning or subdivision
discovery of omitted property
disqualification from special assessment or exemption.
General ongoing maintenance and repair includes replacing or repairing property elements with elements of the same quality and do not qualify as exception events.
Personal property exceptions include the addition of leased property, increased non-inventory supplies, and the acquisition of any other taxable personal property less the value of items disposed of during the same year. The exception amount is calculated by subtracting last year's real market value from the current year's real market value.
Specially Assessed Value (SAV) is a value established by statute. The legislature has established several programs that create value levels below market value for certain types of property. Each program has specific applications and use requirements. Examples of types of property that may qualify for special assessment are farm land, historic property, and property which qualifies as "open space".