Klamath County Assessor
- Measure 50 (M-50), Oregon's second property tax limitation measure in 8 years, was passed by the voters in 1997. It was called the "Cut and Cap" property tax limitation measure.
- Measure 50 created a new value called the "Maximum Assessed Value". The original Maximum Assessed Value (MAV) was based on the Real Market Value of each property account in 1995 less 10% - the "cut". Unless there are capital improvements made to the property, that MAV can increase no more than 3% per year- "the cap".
- In order that property tax limitations could be guaranteed against increases in property tax rates, each taxing district received a fixed permanent tax rate.
- M-50 also established a method for new properties created by partition and subdivision, and new construction to receive a "1995 less 10% Maximum Assessed Value (MAV) equivalency". The goal is that new properties receive a MAV that is comparable to previously existing like-kind properties. This "Change Property Ratio" is developed from a county-wide study for each property class. In this way all properties are generally equitably valued and fairly taxed.
- For all taxing districts, the growth in revenue is limited to 3% plus the value of new properties and new construction within the boundaries of that district (with a few exceptions). The result is that when there are new properties and when there is new construction within the boundaries of a taxing district, the revenue to that taxing district can grow above the 3% limit to keep up with increased demands on government services caused by growth.
- The chief virtue of Measure 50 for the taxpayer generally is predictability and security.