Oregon Amends Provisions Regarding Homesteads and Reverse Mortgages
by: Paul McSheffrey
The Oregon Legislative Assembly has amended provisions regarding homesteads and reverse mortgages with Enrolled House Bill 2489. The Bill amends ORS 311.668, 311.672, 311.689, and 311.695. A summary of these changes follows.
The Bill provides that the amendments to ORS 311.700 by section 16, chapter 723, Oregon Laws 2011, relating to reverse mortgages do not apply to homesteads.
Section 4 of the Bill amends ORS 311.689 relating to certification of eligibility for granting of homestead. Failure to respond to the written notice of certification by The Department of Revenue renders a homestead ineligible for deferral for the next following property tax year. The amendment adds the line “This subsection does not preclude the grant of deferral to an eligible homestead in any subsequent property tax year for which an eligible claimant files a timely application under ORS 311.672.”.
Section 5 of the Bill provides changes to ORS 311.695. Under subsection (1), “A transferee of a homestead who is ineligible to claim, or does not claim, deferral under ORS 311.666 to 311.701, or that is not an individual, is jointly and severally liable for amounts payable under ORS 311.686 to the extent of the positive amount, if any, remaining after subtracting the amount of all liens prior to the Department of Revenue’s liens for deferred taxes arising under ORS 311.673 or 311.679 from the real market value of the homestead entered on the last certified assessment and tax roll prior to the date of the transfer.” The italicized phrase is language that has been added to the statute.
ORS 311.695(2) – (5) describe the procedure and timing requirements for any notice of liability owed to the Department of Revenue from a transferee of a homestead. The Department of Revenue must issue a notice of liability to a transferee of a homestead, to which the transferee must reply within thirty days. The transferee must either pay the liability, or send written notice of any objections to the notice of liability. This statute also provides procedures for appeals to the Oregon Tax Court.
Provisions Effective November 4, 2013
About the Author:
Paul McSheffrey, JD, is a senior regulatory compliance consultant with CLA. He is a graduate of Northeastern University and earned his juris doctor at the New England School of Law. He is admitted to the Bar in both Massachusetts and New York.
Comments are closed.