OR HB3755

Creates a property tax exemption for owner-occupied principal dwellings of seniors aged 65 or older who have resided in the home for at least 10 years and have household income of $150,000 or less

Exemption starts at 5% of assessed value at age 65 and increases by 5 percentage points each year, reaching 100% exemption at age 84 and older

Claims must be filed with the county assessor between January 1 and April 15 each year; late filing allowed through December 1 with a fee of 10% of property taxes assessed (minimum $20, maximum $150)

Income threshold and fee limits will be adjusted annually for inflation beginning with the 2026-2027 tax year, based on the Consumer Price Index for the West Region

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