What is the assessment date used for setting the RMV of property?

The assessment date used for setting the Real Market Value (RMV) of property in Oregon is established as January 1 at 1:00 AM. This specific time is important because it marks the moment when all properties are officially assessed for their value, and it is consistent across the state.

The significance of January 1 at 1:00 AM also aligns with the state's tax assessment calendar, ensuring that all properties are considered for their value as of this precise time. This uniformity helps in maintaining fairness and consistency in property assessments across various jurisdictions within Oregon.

Other potential times, such as January 1 at 12:00 AM or 3:00 AM, might seem close, but only the 1:00 AM mark is utilized for the assessment date, establishing a clear reference point for appraisers and property owners alike. January 2 at 1:00 AM would be too late for the assessment of the current tax year, as it falls outside the designated assessment date.

Understanding the significance of this particular date and time is crucial for property appraisers, as it directly influences the valuations that will be used for tax purposes throughout the year.