To: The Oregon State House, The Oregon State Senate, and Governor Kate Brown
Protect low income seniors from property tax grab
Amend the following statute (3) as follows
311.674 Listing of tax-deferred property; interest accrual. (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 that the property is tax-deferred property by an entry clearly designating the property as tax-deferred property.
(2) When requested by the department, the tax collector shall send to the department the tax statement for each tax-deferred property as soon as the taxes are extended upon the roll.
(3) Interest shall accrue on the actual amount of taxes advanced to the county for the tax-deferred property at the rate of [six percent compounded annually] current preferred mortgage rate.
311.674 Listing of tax-deferred property; interest accrual. (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 that the property is tax-deferred property by an entry clearly designating the property as tax-deferred property.
(2) When requested by the department, the tax collector shall send to the department the tax statement for each tax-deferred property as soon as the taxes are extended upon the roll.
(3) Interest shall accrue on the actual amount of taxes advanced to the county for the tax-deferred property at the rate of [six percent compounded annually] current preferred mortgage rate.
Why is this important?
The last legislative session passed a provision that charges 6% compound interest on deferred property taxes for low income disabled and seniors. The average mortgage now is 3.5 simple interest. This is unjust. The way to intergenerational wealth is real property ownership. I am a woman who has been paid 77 cents on the dollar my whole life. So is my daughter. I want to be able to leave something to her and my son. This measure is a low income land grab by the State of Oregon. Looks like Old England.