OR SJR3

Amends the Oregon Constitution to require property reassessment at sale or transfer, bringing maximum assessed value to the ratio of average maximum assessed value to average real market value in the area for that property class

Establishes a floor ratio of 0.75 between maximum assessed value and real market value, effective July 1, 2027, with a five-year phase-in (20% annual increments from 2027-2031)

Creates a new category of local option property tax levies that are exempt from Ballot Measure 5 compression limits, allowing up to 10-year terms with voter approval and renewal options

Extends the maximum duration for standard local option levies from 5 years to 10 years for non-school districts

Refers these constitutional amendments to Oregon voters for approval or rejection at the next regular general election