OR HB3712

Increases the household income limit for homestead property tax deferral eligibility from $32,000 to $70,000, with annual inflation adjustments beginning July 1, 2027 based on Consumer Price Index

Eliminates real market value eligibility tiers for homeowners who have owned and occupied their property for less than 15 years, allowing all qualifying applicants with under 17 years of ownership to use the 150% of county median RMV threshold

Retains the $500,000 net worth limit and maintains the tiered real market value thresholds (150%-250% of county median) for long-term homeowners with 17+ years of continuous ownership

Requires the Legislative Revenue Officer to study homestead equity among program participants and denied applicants, and evaluate whether equity-based eligibility would be preferable to income-based eligibility, with a report due by September 15, 2026

Applies to property tax years beginning on or after July 1, 2026