Or. Admin. Code § 150-311-0820

Current through Register Vol. 63, No. 10, October 1, 2024

Section 150-311-0820 - Prepayment of Ad Valorem Taxes, Computation of Accrued Interest, Allocation of Pay

(1) Interest Computation. The interest computed under ORS 311.860(1)(c) by the assessor on the payments made under the agreements to the taxing units shall be ordinary interest and not compounded. For the first year the facility is allowed a reduction in real market value for the purpose of computing the rate of levy, the interest shall be computed from the date of each payment to the November 15th due date for the tax roll for which the first value reduction is allowed. For each succeeding year, the interest shall be computed from November 16th to the following November 15th and shall be computed on that portion of the payments made by the facility which has not been used to fund a real market value reduction.

(2) Allocation of Payment to Real Market Value Reduction. Each year in which a reduction of real market value is allowed, the payments made by the facility and the interest accrued thereon shall each be charged to fund the reduction in the proportion that each is to the combined sum existing as of November 15th. The amount charged against the payment and interest shall be the gross amount of the ad valorem tax which would have been extended against the value reduction.

RD 9-1983, f. 12-20-83, cert. ef. 12-31-83; RD 8-1991, f. 12-30-91, cert. ef. 12-31-91; Renumbered from 150-311.860, REV 27-2016, f. 8-12-16, cert. ef. 9/1/2016

Stat. Auth.: ORS 305.100

Stats. Implemented: ORS 311.860