Form 150-310-090 - Multi-Unit Rental Housing Special Assessment Application And Election - Or Page 3
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4or before April 1 preceding the first tax year for which
specially assessed value of the property is to be deter-
special assessment under ORS 308.707 is sought.
mined. The property owner must elect one of the fol-
lowing methods to determine the specially assessed
(3) An application and election form may be filed
value of the property:
after April 1 and on or before December 31 of the first tax
year for which special assessment under ORS 308.707 is
(a) Through an annual net operating income
sought, if the application and election form are accom-
approach to value that uses actual income and stabi-
panied by a late filing fee equal to the greater of $200
lized operating expenses that are based on the actual
or one-tenth of one percent of the real market value of
history of the property (if available) and a capitaliza-
the property to which the application relates, as of the
tion rate. The income, expenses and capitalization rate
assessment date for that tax year.
used must be consistent with the Uniform Standards
of Professional Appraisal Practice and may be further
(4) The application must be in the form and contain
defined by rules adopted by the Department of Reve-
the information prescribed by the Department of Rev-
nue. Factors to be considered in setting a capitalization
enue, including:
rate include the risks associated with multiunit rental
(a) The name and address of the property owner;
housing subject to a government restriction on use,
including but not limited to diminished ownership
(b) The address and tax lot or account number of
control, income generating potential and liquidity. The
the multiunit rental housing;
capitalization rate that is set pursuant to this paragraph
(c) A description and documentation of the govern-
must be equal to or greater than the capitalization rate
ment restriction on use to which the multiunit rental
used for valuing multiunit rental housing that is not
housing is subject, including but not limited to a deed
subject to a government restriction on use;
declaration, restrictive covenant, contractual agreement
(b) By adjusting the unrestricted market value of
or other legally binding government restriction on use;
the property being specially assessed, computed with-
and
out regard to any government restriction on use appli-
(d) The anticipated duration of the government
cable to the property, based on the ratio of the average
restriction on use.
annual rent of those dwelling units of the property
that are subject to a government restriction on use to
(5) A completed election form under ORS 308.712,
the average annual rent of comparable multiunit rental
and an accompanying income and expense statement
housing that is not subject to a government restriction
(if available), must be submitted simultaneously with
on use; or
an application filed under this section and is considered
to be a part of the application. The election shall apply
(c) Through an alternate method for determining
to each tax year for which the property is subject to spe-
the specially assessed value of multiunit rental housing
cial assessment under ORS 308.707, unless the owner
that is subject to a government restriction on use that
changes the election as described in ORS 308.712(2).
may be adopted by the department by rule.
(6) The county assessor shall review the applica-
(2)(a) An election under this section must be made
tion. If the assessor determines that the property con-
at the time an application for special assessment is filed
sists of multiunit rental housing that is subject to a gov-
under ORS 308.709, and is considered to be a part of the
ernment restriction on use, the assessor shall approve
application.
the application. Approval of the application shall result
(b) A property owner may change the election the
in the property to which the application relates being
owner previously made. Except as provided in subsec-
qualified to be assessed under ORS 308.707.
tion (3) of this section, a new election under this section
(7) The county assessor shall notify the applicant in
must be made on or before April 1 preceding the tax
writing of the assessor’s determination within 120 days
year for which the new election applies. The election
following the date the application was filed with the
shall be made in writing to the county assessor of the
assessor.
county in which the property is located, in the form
prescribed by the department.
(8) An applicant may appeal the determination of
the county assessor as provided in ORS 305.275. [2001
(c) The election form must be accompanied by a
c.605 §5]
written statement of the actual income and stabilized
operating expenses of the property, as described in
308.712 Methods to determine specially assessed
subsection (1)(a) of this section.
value; election by owner; procedure; rules; fee. (1) The
owner of multiunit rental housing that is subject to a
(3) A change in election may be made after April 1
government restriction on use and that is to be assessed
and on or before December 31 of the tax year, if the elec-
under ORS 308.707 must elect the method by which the
tion form is accompanied by a late filing fee equal to
150-310-090 (06-08)
Multi-unit app, page 3 of 4
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