OR SB650

Owner-occupied primary residences of individuals aged 65 or older qualify for a specially assessed property tax value that freezes the real market value at the year before the claim is filed.

Maximum specially assessed value increases capped at 103% of the prior year's assessed value or 100% of the prior year's maximum specially assessed value, whichever is greater.

Claims must be filed with the county assessor between January 1 and April 15 preceding the property tax year, using a Department of Revenue form with required documentation.

Special assessment ends upon death of the claimant(s), sale or transfer of the residence, the property no longer being the owner-occupied primary residence, or addition of new property/improvements to the tax account.

Applies to property tax years beginning on or after July 1, 2026, and takes effect 91 days after the 2025 legislative session adjourns.