This form is a clause regarding additional rent element of an office lease providing for tax increases. The tax increases pertain to assessments and special assessments levied, assessed or imposed upon the building and/or the land under, including any land(s) dedicated to the use of, the building, by any governmental bodies or authorities.
Oregon Tax Increase Clause
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Multi-State
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US-OL19033GA
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Oregon Property Tax Exemption for People 65 Years of Age and Older Initiative (2020)
Measure 50 approved by Oregonians in May 1997, converted Oregon's property tax from a tax levy system to a largely tax rate system. It limits both property tax rates and assessed values. Under Measure 50, each taxing district has its own permanent tax rate, which can not be increased.
Measure 50, passed in 1997, cut taxes, introduced assessed value growth limits, and replaced most tax levies with permanent tax rates. It transformed the system from one primarily based on levies to one primarily based on rates.
Ballot Measure 47 was an initiative in the U.S. state of Oregon that passed in 1996, affecting the assessment of property taxes and instituting a double majority provision for tax legislation.
Taxable value limitation The limit is based on a property's maximum assessed value (MAV). MAV can't increase by more than 3 percent each year, unless there are changes to the property, such as the addition of a new structure, improvement of an existing structure, or subdivision or partition of the property.
Measure 50 also separated property tax from real market value. As a result, properties in Oregon are no longer taxed at their actual market value. Instead, taxation is now based on a newly-created assessed value (AV), which was established by reducing the real market value of the property in 1995-96 by 10 percent.
The limit is based on a property's maximum assessed value (MAV). MAV can't increase by more than 3 percent each year, unless there are changes to the property, such as the addition of a new structure, improvement of an existing structure, or subdivision or partition of the property.
The Oregon proposal, embodied in HB 2673, is at least more conventional. It would raise income tax rates, to 11 percent over $125,000 in income and 13 percent over $500,000 for single filers ($250,000 and $1 million for joint filers).