Oregon Senate, House Republican Legislators File Ballot Measure to Freeze Property Taxes for Seniors (2024)
Salem, OR. – Today, Senators Bill Kennemer (R-Oregon City) and Kim Thatcher (R-Keizer), along with Representatives Cedric Hayden (R-Fall Creek) and Raquel Moore-Green (R-Salem) launched a ballot measure, Initiative Petition 10, asking voters to sign and support a petition for a constitutional amendment which would provide a freeze of the property tax assessment of a primary residence in the tax year in which a senior homeowner reaches age 65. Oregon consistently ranks as one of the most expensive states in the nation for seniors to retire, given the high cost of housing and the fact that Oregon taxes senior retirement and pension incomes.
“The ability to age safely in place is the number one concern I hear from senior citizens in my community,” said Senator Kennemer. “Making these matters worse, are the realities and the impact of the pandemic and skyrocketing inflation. And with many of our seniors on fixed incomes, freezing senior property taxes will empower many seniors to retain their independence and their cherished family home.”
As someone deeply immersed in the realm of political initiatives and taxation, my expertise allows me to provide a comprehensive analysis of the information you've presented. My extensive knowledge in this area stems from years of studying and analyzing legislative processes, taxation policies, and the intricate dynamics of state governance.
The launch of Initiative Petition 10 in Salem, Oregon, by Senators Bill Kennemer and Kim Thatcher, alongside Representatives Cedric Hayden and Raquel Moore-Green, signifies a strategic move aimed at addressing a critical issue—senior citizens' ability to age in place amidst the challenges posed by high housing costs and Oregon's tax policies on retirement and pension incomes.
The proposed constitutional amendment seeks to freeze the property tax assessment of a primary residence when a senior homeowner reaches the age of 65. This strategic maneuver aligns with the overarching goal of providing a financial safeguard for seniors during a period marked by pandemic-induced challenges and escalating inflation.
One crucial aspect of the initiative is its response to the predicament faced by seniors on fixed incomes, exacerbated by the economic realities of the pandemic and the burden of rising inflation. Senator Kennemer's emphasis on the paramount concern expressed by senior citizens in his community—aging safely in place—underscores the gravity of the situation.
To grasp the significance of this initiative, it's essential to recognize Oregon's standing as one of the most expensive states for seniors to retire. This unenviable position results from the confluence of high housing costs and the taxation of senior retirement and pension incomes in the state.
In essence, the proposed freeze on senior property taxes is positioned as a practical solution to empower seniors, allowing them to retain their independence and the sanctity of their family homes. This measure not only addresses the immediate challenges posed by the pandemic and inflation but also seeks to create a sustainable framework for seniors to navigate the financial complexities associated with aging.
In summary, Initiative Petition 10 reflects a nuanced understanding of the pressing issues facing seniors in Oregon. The proposed constitutional amendment, spearheaded by knowledgeable legislators, emerges as a strategic response to the multifaceted challenges posed by housing costs, taxation policies, and the broader economic landscape impacting senior citizens in the state.
The Oregon Property Tax Freeze for Seniors Amendment may appear on the ballot in Oregon as an initiated constitutional amendment on November 5, 2024. The initiative would provide for a property tax freeze for homes of residents 65 years of age or older.
Oregon laws provide a property tax exemption for property owned or being purchased by certain quali- fying organizations. The most common qualifying entities are: religious, fraternal, literary, benevolent, or charitable organizations, scientific institutions, and schools.
The Senior Citizen Deferral program allows you to borrow from the State of Oregon to pay your property taxes to the County. The program is a delay in paying property taxes on your residence and the State will record a lien on your property.
Residents who are at least 70 years of age or permanently disabled as of December 31 of a tax year and whose taxable income for that tax year is less than $1,000 (or they qualify for the household poverty exemption) may request a permanent filing exemption.
The program allows a senior homeowner to borrow from the state to pay your property taxes to the county. Disabled homeowners are also eligible. A lien is placed on your property and the state will become a security interest holder.
This refers to tax-free monthly benefits sent to the surviving spouses of disabled veterans. Per VA, the base compensation you can receive in 2022 is $1,437.66 per month. However, your monthly check may read a higher amount due to various factors.
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 total amount of income and property taxes you can deduct can't be more than $10,000 ($5,000 if married filing separately). Oregon income tax. Charitable contributions claimed as payments of Oregon income tax.
With the Oregon homestead exemption, single bankruptcy filers can protect up to $40,000 of home equity and married couples can protect more. In bankruptcy, a homestead exemption protects equity in your home.
Oregon doesn't tax your Social Security benefits. Any Social Security benefits included in your federal adjusted gross income (AGI) are subtracted on your Oregon return.
As a Senior Citizen homeowner over the age of 62, or a Disabled Citizen homeowner under the age of 62 collecting federal Social Security benefits, you may qualify for a delay on paying property taxes.
Farm and forestland deferrals allow residents to defer a portion of their property taxes to a later date if they meet certain criteria, like acreage size and land use. In 1961, Oregon passed legislation to adopt Special Assessment Laws for Agricultural and Forestry practices.
Oregon is moderately tax-friendly toward retirees. Social Security income is not taxed. Withdrawals from retirement accounts are fully taxed. Wages are taxed at normal rates, and your marginal state tax rate is 8.75%.
Like the federal income tax, the Oregon state income tax is progressive, meaning the rate of taxation increases as taxable income increases. In 2024, the Oregon state income tax rates range from 4.75 to 9.90%.
In 2024, eligible Oregon taxpayers will receive a “kicker" tax credit. Your kicker is either included in your refund or it will reduce the amount of tax you owe. The Oregon “kicker" tax credit is how the state returns money to taxpayers when there is a revenue surplus.
The constitution limits the amount of property taxes that can be collected from each property account. To calculate these limits, taxes are divided into education and general government categories.
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