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ContactRespondentDept Updated Priority Policy Poli Numb Recommendation <br />Larry Hill Larry Hill CS-FIN 3/24/2009 Pri 1 Yes YesII. A1 Neutral <br />Comments: <br />SJRs 35, 36 and 37 are proposed Oregon Constitutional amendments with different <br />approaches to the problem of the widening gap between assesed property valuse and <br />real market values. The measures were introduced by the Senate Committee on Finance <br />and Revenue in order to facilitate a discussion on the general issue. I recommend the <br />City participate in the discussion aand urge amendments to whatever measure advances. <br />Specific to SJR 37, the measure would set assessed value at 75% of real market value <br />rather than at thr changed property ratio when a property is improved, rezoned, or is <br />otherwise classified as having exceptions value. In addition the bill would set assessed <br />value at 75% of real market value upon sale or transfer of property. Right now the <br />changed property ratio for a category of property determined the assessed value of a <br />changed or exceptions value property. This is the average ratio of assessed value to real <br />market value for a property category. in Eugene the changed property ratio varies <br />between 100% for industrial property to 58% for residential property to 46% for <br />recreational property. Switching to a flat 75% rather than the current scale of changed <br />property ratios would increase the assessed value for residential and most changed <br />properties, but lower the assessed value for industrial and some other changed <br />properties. This proposal as introduced could be beneficial to local governments but <br />needs a much closer look. <br />60 <br />