A commentary by Yamhill County Tax Assessor Scott Maytubby for The News Register, published November 7, 2009

Despite the fact that we receive tax statements in the mail every fall, most people are not aware of how Oregon’s property tax system works. If you are like the vast majority, you probably just pay your taxes and never question the amount or the values on the statement.

This year, however, lots of people are asking how their property taxes can go up when the real market value of their homes is going down. This is a good opportunity for me, as Yamhill County’s new assessor, to explain how the property tax system works.

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It seems like so long ago, but it was just a year ago that the financial markets were melting-down and our whole economy was seizing-up. People and institutions world-wide stopped everything to try to understand what was happening. Every one of our massive investment banks went bankrupt, were forcibly sold-off, or morphed into something completely different under the intense heat of the moment. Following September, 2008’s explosive news, October, November, and December, were dark months for everyone.

We have seen much recovery since then, and October 2009’s Market Action Report continues to document incremental improvements every month in the Portland metropolitan housing sector. More… »

Scenario 1

I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. Since the new law has gone into effect, will I qualify for the new $6,500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (Friday, November 06, 2009 – when the bill was signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.
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Q. Can homebuyers claim the tax credit in advance of purchasing a property?
A. No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
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Updated November 16, 2009

Summary:
The Homebuyer Tax Credit, due to expire on November 30, has been extended and expanded in an effort to stimulate the housing sector. The new law, effective November 6, 2009, will continue to offer an $8,000 tax credit for first-time home-buyers, and now allows a $6,500 credit for many other home-sellers who purchase.

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Updated November 6, 2009

Congress and the President have approved and signed a measure to continue offering a tax credit to first-time homebuyers and will offer a new tax credit to many buyers who already own homes. First-time homebuyers have been receiving tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, this legislation extends the credits to June 2010.
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