OR SB712

Maximum assessed value of property increases annually by 3% of the prior year's assessed value or 3% of the prior year's maximum assessed value, whichever is greater, up from the current 0% growth on the maximum assessed value component

Applies to all property types including standard property, partially exempt property, specially assessed property (farmland, forestland, open space land, historic property, multiunit rental housing, brownfields, and homesteads rebuilt after 2020 wildfires)

Amends multiple Oregon Revised Statutes: ORS 307.032, 308.146, 308.707, 308A.107, 308A.256, 308A.315, 321.354, 321.722, 321.833, and 358.505

Takes effect on the 91st day following adjournment sine die of the 2025 legislative session, applying to property tax years beginning on or after July 1, 2026

Sponsored by Senator Gorsek as a presession-filed bill in the 83rd Oregon Legislative Assembly (2025 Regular Session)