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Ballot Measure 47 was an initiative in the U.S. state of Oregon that passed in 1996, affecting the assessment of property taxes and instituting a double majority provision for tax legislation. Measure 50 was a revised version of the law, which also passed, after being referred to the voters by the 1997 state legislature.
Property taxes dedicated for school funding were capped at $15 per $1,000 of real market value per year and gradually lowered to $5 per $1,000 per year. Property taxes for other purposes were capped at $10 per $1,000 per year. Thus, the total property tax rate would be 1.5% at the end of the five-year phase in period. [2]
Values are determined by local officials, and may be disputed by property owners. For the taxing authority, one advantage of the property tax over the sales tax or income tax is that the revenue always equals the tax levy, unlike the other types of taxes. The property tax typically produces the required revenue for municipalities' tax levies.
Act Limiting State Property Tax 10: Yes 409,588: 230,241 64.02% No Ref Motor Carrier Highway Transportation Tax Act 11: No 295,700 301,974: 49.48% No Ref School District Reorganization Act 12: No 233,226 413,137: 36.08% No Ref Cigarette Stamp Tax Revenue Act 13: Yes 399,981: 256,981 60.88% No Init Establishing United States Standard Time in ...
The property tax rate is typically given as a percentage. It may be expressed as a per mil (amount of tax per thousand currency units of property value), which is also known as a millage rate or mill (one-thousandth of a currency unit). To calculate the property tax, the authority multiplies the assessed value by the mill rate and then divides ...
Oregon's estate tax applies to estates above $1 million, a more aggressive approach than the federal estate tax, which applies only to much larger estates. With tax rates ranging from 10% to 16% ...
The table gives the average monthly benefit as of December 2023, per Social Security data, along with the estimated 2025 benefit. This includes the 3.2% cost-of-living adjustment (COLA) for 2024 ...
The measure rolled back property taxes to 1995 levels. Measure 47 also mandated a double majority for ballot measures increasing taxes. With Sizemore's assistance, the Oregon Legislative Assembly amended some of the provisions of Measure 47 in 1997, [4] and referred the amendments back to the voters as Measure 50, which also passed. [5]