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Old property gets locked in until there’s something to trigger a change. There’s a couple ways to avoid it a good contractor can work around. It’s not the rate
by dawnerd 3y ago
Old property gets locked in until there’s something to trigger a change. There’s a couple ways to avoid it a good contractor can work around. It’s not the rate that’s lower on the older property it’s the property value. They have a law that limits how much it can increase per year similar to prop 13 but it can transfer to new owners. Makes old houses worth significantly more than some new homes.
- dawnerd 3y agoJust to add more context here’s the Oregon rules. The linked doc might not be the most up to date but should provide enough info. https://www.oregon.gov/DOR/forms/FormsPubs/maximum-assessed-value-manual_303-438.pdf https://www.oregon.gov/DOR/forms/FormsPubs/maximum-assessed-...