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Many Oregon cities face budget shortfalls some blame on structural problems with property taxes created by Measures 5 and 50, passed in the 1990s.
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]
Property taxes remained a major source of government revenue below the state level. Hard times during the Great Depression led to high delinquency rates and reduced property tax revenues. [68] Also during the 1900s, many jurisdictions began exempting certain property from taxes. Many jurisdictions exempted homes of war veterans.
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 ...
Property taxes are the primary source of funding for Oregon cities for general services, including police, fire and parks. In Salem, property tax revenues for the fiscal year that ends June 31 ...
The tax would have generated $27.9 million annually and cost a person earning the average hourly rate of $29.90 the equivalent of $506.24 a year. ... tax's failure, Salem City Council president ...
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 .
Salem (/ ˈ s eɪ l ə m / ⓘ SAY-ləm) is the capital city of the U.S. state of Oregon, and the county seat of Marion County.It is located in the center of the Willamette Valley alongside the Willamette River, which runs north through the city.