Bill Text: OR HB2543 | 2011 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to tax deferral programs; and prescribing an effective date.

Spectrum: Unknown

Status: (Passed) 2011-08-05 - Chapter 723, (2011 Laws): Effective date September 29, 2011. [HB2543 Detail]

Download: Oregon-2011-HB2543-Introduced.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2011 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 1606

                         House Bill 2543

Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
  Presession filed (at the request of House Interim Committee on
  Revenue)

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Increases interest rate on amounts of property taxes advanced
to counties for tax-deferred property to eight percent per annum.
  Takes effect on 91st day following adjournment sine die.

                        A BILL FOR AN ACT
Relating to tax deferral programs; creating new provisions;
  amending ORS 311.674; and prescribing an effective date.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 311.674 is amended to read:
  311.674. (1) If eligibility for deferral of homestead property
is established as provided in ORS 311.666 to 311.701, the
Department of Revenue shall notify the county assessor and the
county assessor shall show on the current ad valorem assessment
and tax roll which property is tax-deferred property by an entry
clearly designating such property as tax-deferred property.
  (2) When requested by the department, the tax collector shall
send to the department as soon as the taxes are extended upon the
roll the tax statement for each tax-deferred property.
  (3) Interest shall accrue on the actual amount of taxes
advanced to the county for the tax-deferred property at the rate
of   { - six - }   { + eight + } percent per annum.
  (4) For property taxes deferred after October 3, 1979, the
state liens provided by ORS 311.673 and 311.679 and recorded
under ORS 311.675 shall be for the actual amount of taxes
advanced to the counties and not for the gross amount of taxes
for which the property would be liable as shown on the tax
statement for each tax-deferred property. For taxes deferred
prior to October 3, 1979, the lien under ORS 311.673 is for the
gross amount of taxes extended upon the tax roll against each
tax-deferred property and interest shall continue to accrue on
the gross amount of taxes rather than on the actual amount of
taxes paid to the county.
  SECTION 2.  { + The amendments to ORS 311.674 by section 1 of
this 2011 Act apply to interest that accrues on taxes advanced to
counties for tax-deferred property on or after the effective date
of this 2011 Act. + }
  SECTION 3.  { + This 2011 Act takes effect on the 91st day
after the date on which the 2011 session of the Seventy-sixth
Legislative Assembly adjourns sine die. + }
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