OR SB119

Creates a property tax credit up to $1,750 annually for homesteads owned by Oregon residents serving more than 178 consecutive days in the National Guard, military reserves, or organized militia under federal Title 10 orders or Emergency Management Assistance Compact deployments

Credit applies to operating taxes and local option taxes but excludes taxes levied for bonded indebtedness; maximum credit amount adjusts annually based on Consumer Price Index for West Region

Phases out the current partial property tax exemption under ORS 307.286, prohibiting new exemptions for tax years beginning July 1, 2026 or later, while allowing existing recipients to continue receiving the exemption

Claims must be filed with the county assessor by August 1 following the end of the property tax year; survivors lawfully occupying an eligible homestead may file if the service member died during duty

Takes effect on the 91st day following adjournment of the 2025 legislative session, with credits available for property tax years beginning July 1, 2026