Oregon Statutes 100.555 – Taxation of units; exemptions; uniform appraisal and assessment; rules
(1)(a) Each unit with its allocation of undivided interest in the common elements shall be considered a parcel of real property, whether fee simple, leasehold, easement or other interest or combination thereof, subject to separate assessment and taxation by any taxing unit in like manner as other parcels of real property. A unit created by a declaration or supplemental declaration recorded with the recording officer under ORS § 100.100 or 100.120 shall be assessed in the name of the unit owner.
Terms Used In Oregon Statutes 100.555
- Appraisal: A determination of property value.
- Assessment: means any charge imposed or levied by the association of unit owners on or against a unit owner or unit pursuant to provisions of the declaration or the bylaws of the condominium or provisions of this chapter. See Oregon Statutes 100.005
- Common elements: means the general common elements and the limited common elements. See Oregon Statutes 100.005
- Declaration: means the instrument described in ORS § 100. See Oregon Statutes 100.005
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Leasehold: means the interest of a person, firm or corporation that is the lessee under a lease from the owner in fee and that files a declaration creating a condominium under ORS § 100. See Oregon Statutes 100.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Recorded: means to cause to be recorded by the county officer in the real property records for each county in which the condominium is located. See Oregon Statutes 100.005
- Recording officer: means the county officer charged with the duty of filing and recording deeds and mortgages or any other instruments or documents affecting the title to real property. See Oregon Statutes 100.005
(b) The common elements may not be considered a separate parcel for purposes of taxation.
(2) In determining the real market value of a unit with its undivided interest in the common elements, the county assessor may use the allocation of undivided interest in the common elements appertaining to a unit as expressed in the declaration. Determination of real market value of a unit based upon a leasehold estate shall be the same as a unit in fee simple. There shall be no diminution of value by reason of the term of said lease.
(3) Exemptions from executions and real property taxes apply to the owner of each unit or to the individual units, as the case may be.
(4) The Department of Revenue shall have the authority to make rules and regulations prescribing methods best calculated to secure uniformity according to law in the appraisal and assessment of units constituting part of a property submitted to the provisions of this chapter. [Formerly 94.285; 1991 c.459 § 340; 2001 c.756 § 52]
REMOVAL OF PROPERTY FROM UNIT OWNERSHIP