Oregon's commercial real estate landscape witnessed a transformative shift with the changes made to Oregon House Bill 2086.
The change to HB 2086 allows petitioners to seek a correction of their maximum assessed real estate values for the current year and up to 5 preceding years.
This means you can further appeal previous appeals from tax years 2019-2023 that didn't yield desired results.
Primarily, this affects commercial property owners in Oregon. They will stand to benefit the most.
If you own commercial real estate in the state, this is an opportunity to review your tax liabilities.
Mark your calendars! The HB 2086 change is effective starting July 1, 2024.
Though this is just under a year away, it's important for those with multi-year appeals to start your asset review process soon. This will ensure you're prepared for July 1, 2024, since multi-year appeals take a long time.
Commercial property owners should also note the upcoming tax year 2023 appeals deadline on October 16, 2023.
Real estate taxation is a significant expenditure for commercial property owners. Overvaluations can cause undue financial stress, especially if they span multiple years.
With the change, Oregon commercial property owners can reduce their prior year real estate tax liabilities. HB 2086 acknowledges that errors or overvaluations can occur and offers a mechanism to rectify those discrepancies.
This can lead to substantial savings and financial relief, particularly for owners of multiple commercial properties, unstable or structurally compromised properties, and owners with high-value assets.
Talk to our experts about an asset review to prepare for July 1, 2024, or your appeal process starting October 16, 2023.
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