Relating to property tax deferral; prescribing an effective date.
Catchline/Summary:
Authorizes counties to designate educational development zones in which graduates of Oregon post-secondary institutions may defer payment of property taxes on newly purchased homes. Authorizes counties to designate educational development zones in which graduates of Oregon post-secondary institutions may defer payment of property taxes on newly purchased homes.
Directs Director of Oregon Business Development Department to adopt rules directing counties in designating zones and establishing criteria for eligibility.
Directs Director of Department of Revenue to adopt rules establishing terms of and procedures for claiming tax deferral.
Applies to tax years beginning on or after July 1, 2012.
Takes effect on 91st day following adjournment sine die.
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HB 2729 House Committee On Education House Subcommittee On Higher Education
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