Oregon Limits on Property Tax Rates, Measure 50 (May 1997)
The Oregon Limits on Property Tax Rates Amendment, also known as Measure 50, was on the May 20, 1997 ballot in Oregon as a legislatively-referred state statute, where it was approved. The measure limited property taxes through restrictions on assessed valuation of property and property tax rates.
|Oregon Measure 50 (May 1997)|
Election results via: Oregon Blue Book
Text of measure
The language appeared on the ballot as:
50 AMENDS CONSTITUTION: LIMITS ASSESSED VALUE OF PROPERTY FOR TAX PURPOSES; LIMITS PROPERTY TAX RATES
RESULT OF "YES" VOTE: A “yes” vote adopts amendment limiting property taxes through restrictions on assessed value of property and property tax rates.
RESULT OF "NO" VOTE: A “no” vote rejects amendment and retains existing constitutional provisions.
SUMMARY: This measure changes current provisions relating to property taxation. The measure establishes the maximum assessed value of property in this state for the 1997-1998 tax year as 90 percent of the property's real market value In the 1995-1996 tax year and then limits any increase in maximum assessed value for tax years following 1997-1998 to three percent per year. For the 1997-1998 tax year, the measure generally reduces the total of taxing district levies in the state by 17 percent. This reduction will reflect Measure 47 cuts by basing the cuts on the lesser of the 1995-1996 tax minus 10 percent or the 1994-1995 tax, adjusted for voter approved levies. For subsequent tax years, the measure permanently fixes the tax rates of each taxing district, based on each district's 1997-1998 levy. The measure permits assessed values to be adjusted for new property or property improvements and certain other events. but limits the amount of the adjustment. The measure permits certain local option taxes, if approved by voters. The measure retains the existing total property tax rate for all property taxes, Including local option taxes but excluding taxes for bonds, at $5 per $1,000 of value for schools and $10 per $1,000 of value for nonschool government. The measure repeals obsolete constitutional provisions
ESTIMATE OF FINANCIAL IMPACT: This measure replaces Measure 47, which was approved by voters last November.
- Oregon 1997 ballot measures
- 1997 ballot measures
- List of Oregon ballot measures
- History of Initiative & Referendum in Oregon
- Oregon Blue Book Initiative, Referendum and Recall: 1996-1999
- Oregon State Constitution
- State of Oregon Official Voters' Pamphlet June 1997