Oregon DOR Amends Maximum Assessed Value Reduction Rule

The Oregon Department of Revenue (DOR) adopted amendments to OAR 150-308-0110 regarding the reduction of maximum assessed value (MAV) for property destroyed or damaged by fire or act of God. The rule clarifies the definition of “fire or act of God” and outlines a five-step procedure for adjusting MAV when a portion of property is affected. It also specifies that the “year” in which the real market value is reduced can be either the assessment year or the tax year under certain conditions. The rule took effect on Mar. 10. [Or. Dep’t of Revenue, Reg. Section 150-308-0110, 03/10/26]