Oregon Real Estate Related Statutes with Complete Solutions!

When does oregon's property tax year begin? - ANSWER-July 1st and ends on june 30th of the next year What lender would be the least likely to approve a short sale? - ANSWER-junior lenders b/c they are in a secondary position when it comes to liens against the property and realize there may not be any money left to pay them after the lender in first position gets paid what is true about the assessed value of oregon real estate - ANSWER-It's the value used to calculate the property taxes, and it's based on a percentage of the market value. Property's maximum assessed value - ANSWER-set limits on value growth rates (helps to avoid huge property tax jumps each year) -may not increase more than 3% annually unless additions or major improvements change the property value assessed value - ANSWER-properties also assessed on their assessed value which is the lower of the real market value or the maximum assessed value When will a county begin tax foreclosure proceedings - ANSWER-after 3 years of delinquent property taxes What happens when the court issues a judgement of foreclosure - ANSWER-the two-year redemption period kicks in two-year redemption period - ANSWER-owner needs to pay all taxes, interest, fees and penalties during this period to avoid foreclosure if not property deeded to county and they may sell it and recoup all amounts owed Oregon law designates 2 ways to divide land - ANSWER-subdividing or partitioning Subdividing - ANSWER-property owners divide their land into 4 or more units called lots Partitioning - ANSWER-property owners partition their land and divide it into 3 or fewer units called parcels -less onerous than subdividing Land that lies 6 or fewer miles beyond a city's corporate limits falls under - ANSWER-that citys jurisdiction for land divisions -beyond that, the county has jurisdiction to approve plans, maps and plats 2 step application for land divisions - ANSWER-Owners first apply for preliminary plan approval, and then they apply for final plat approval. A plat is a map and other documents comprising a land division's specifications and details, which will be recorded in public records. subdivision applications often require a - ANSWER-public hearing Is a hearing required for a final plat approval - ANSWER-no instead staff members approve final plats for owners who have met all approval conditions and approval criteria when can a developer break ground and start building homes on the approved lots and sell lots