Yeah. I'm rent controlled so my rent goes up 3% per year. I probably have property taxes in there, but again, I don't have to deal with it so no biggie....just throw a check at the landlord every month and say "later beyotch!"
You have Measure 47 (1996) to thank. http://en.wikipedia.org/wiki/Oregon_Ballot_Measure_47_(1996) Market Values and Taxable (Assessed) Values are 2 different numbers. Taxable Values are limited to a 3% increase per year (Voter approved Bond measures exempted, which is why they are listed separately). If the Market Values take off at rates far higher than 3% per year, as they did during the bubble, the 3% cap keeps the tax bill from similarly going up. The downside, is that when the Market Values decline, the property tax bill will continue to increase 3% per year until the Market and Taxable Values are the same. If you think the Market Values listed by the assessor are too high and should be lower than the Taxable Value, then it should be worth it to appeal your assessment. Otherwise, you are paying more now because you paid less in the past. The Voters of Oregon wanted it this way. Complain to them if you like, not to any politicians. Or, you could give Bill Sizemore a ringy dingy.
This is true in every state. It was great a few years ago, when housing values could be as much as twice what the assessed value was. However, in most if not all states, the assessable value is "reset" when property is sold.
