OR SB568

Homeowners aged 70 or older may claim a specially assessed property tax value that freezes their home's assessed value at the real market value from the year before they file their claim

After the first year, the maximum specially assessed value increases by the greater of 103% of the prior year's assessed value or 100% of the prior year's maximum specially assessed value

Claims must be filed with the county assessor between January 1 and April 15, using Department of Revenue forms with required documentation

Disqualification occurs upon death of the claimant, sale of the home, the property no longer being the owner's primary residence, or addition of new improvements to the property

Program applies to tax years beginning July 1, 2026, with new claims prohibited after July 1, 2032, though existing participants remain enrolled as long as they remain eligible