OR HB3163

Counties may adopt an ordinance or resolution to provide specially assessed property tax values for owner-occupied primary residences of individuals aged 62 or older

Specially assessed value freezes at the real market value from the tax year immediately preceding the first claim year, with annual increases capped at 103% of the prior year's assessed value

Claims must be filed with the county assessor between January 1 and April 15 on Department of Revenue forms, with documentary proof of eligibility

Disqualifying events that end the special assessment include death of the claimant, sale of the residence, the property no longer being the owner-occupied primary residence, or addition of new improvements

Applies to property tax years beginning on or after July 1, 2026, and takes effect on the 91st day following adjournment of the 2025 legislative session