Oregon Revised Statutes Chapter 321 § 321.722 — Valuation

Valuation. (1) Small tract forestland shall have a specially assessed value per acre: (a) Equal to 20 percent of the specially assessed value per acre determined under ORS 321.354, if located in western Oregon; or (b) Equal to 20 percent of the specially assessed value per acre determined under ORS 321.833, if located in eastern Oregon. (2) For each land class, the maximum assessed value per acre of small tract forestland shall equal 103 percent of the small tract forestland assessed value per acre for the preceding tax year or 100 percent of the small tract forestland maximum assessed value per acre for the preceding tax year, whichever is greater. (3) The county assessor shall compute the assessed value of small tract forestland by multiplying the acreage of the small tract forestland in each land class by the lesser of: (a) The specially assessed value per acre; or (b) The maximum assessed value per acre. (4) If the small tract forestland being assessed consists of different land classes, the assessed value of the small tract forestland shall be the sum of the assessed values computed for each land class under subsection (3) of this section. [2003 c.454 §7]