Recalculation of maximum assessed value for partial assessed value exemptions

# (1)

(1) For the purposes of ORS 307.032(1)(a)(A), in the case of a partial exemption of assessed value, "the value of the partial exemption" means the dollar amount of assessed value exempted.

# (2)

(2) For purposes of ORS 307.032(1)(b), in the case of a partial exemption of assessed value, the assessed value of the property shall equal the lesser of:

(a) The real market value of the property reduced by the statutory dollar amount of the partial exemption;

(b) The maximum assessed value of the property as calculated under ORS 307.032(1)(a) and section (1) of this rule; or

(c) The assessed value of the property as though not eligible for partial exemption reduced by the statutory dollar amount of the partial exemption.

# (3)

(3) This rule is applicable to all properties that first become eligible for a partial exemption of assessed value on or after January 1, 2024.