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Those who kept voting for utopia are soon going to have to pay a lot more for it then. As more move most of those who move are going to be the ones who were paying taxes. As the rents drop so will the tax base. What will increase is those who pay nothing in and have their hand out for free stuff. They can enjoy getting what they asked for. Will be fun to watch from a distance.Reported last year:
Oregon Apartment Rents Among the Fastest Declining in Nation, Rent.com Report Finds
<strong>The state averaged the third largest yearly drop in rent prices in the country, with prices in the Portland metro area leading the fall.</strong>oregonbusiness.com
The conclusion reached in that article is presenting an intentionally harsh analysis of the effects of the measure.Taxable value of property was fixed by Measure 50, and is no longer linked to the Assessed Value.
According to the League of Oregon Cities (obviously not a fan of property tax limitations):
"What Does Assessed Valued Mean for Measure 50?Measure 50 also separated property tax from RMV. As a result, properties in Oregon are no longer taxed at their actual market value. Instead, taxation is now based on a newly-created assessed value (AV),which was established by reducing the RMV of the property in 1995-96 by10%. The permanent rate was then applied to the assessed value. Prior to Measure 50, properties were typically assessed across a county on a sixyear cycle to produce fair and equitable taxation. However, the 1995-96 snapshot dictated by Measure 50 captured properties wherever they may have been during the assessment cycle; assessed value on properties at the beginning of the cycle during this snapshot would be set higher than a similar property at the end of the cycle, creating inequities between taxpayers."
"Measure 50 also limited the annual growth rate of taxable property value to 3% of the assessed value, well below average rate of inflation. By setting assessed values based on 1995-96 market levels and capping the annual rate of growth, Measure 50 permanently locked into place assessed value imbalances, allowing similarly valued property to pay dramatically different property tax amounts."
Full article linked here:
https://www.orcities.org/application/files/2216/8685/9599/FAQonMeasures5and_50-updated5-23.pdf