New Multnomah County Property Assessment Law to Go into Effect Oct 10

HB 2008 passed in the Oregon Senate on June 13, and was signed into law on June 22nd. The law, which we wrote about in an earlier post, could change the way that new construction and renovated homes are assessed in Multnomah County. Under the new law, city councils may choose to base property assessments on city-wide rather than county-wide average home values. If city councils within Multnomah County vote to adopt these changes, it will raise taxes on all new construction in those cities. The law goes into effect October 10, and does not apply to anything built before October 10th or before the date cities adopt the ordinance. Although the bill was passed at the state level, it only affects counties with more than 700,000 residents - Multnomah is the only county in Oregon that meets the criteria.