Land Use & Zoning
Oregon's Ballot Measure 5 (1990) changed property taxation by:
AEliminating all property taxes in Oregon
BCapping the property tax rate for education at $5 per $1,000 of real market value✓ Correct
CRequiring all properties to be assessed at 100% of market value
DEstablishing urban growth boundaries for all Oregon cities
Explanation
Oregon's Ballot Measure 5 (1990) capped property tax rates: $5 per $1,000 of real market value for education and $10 per $1,000 for all government purposes combined. Measure 47 (1996) and Measure 50 (1997) further modified property tax calculations in Oregon.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
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