What period does an assessment year cover?

An assessment year specifically refers to the period during which property values are determined for tax purposes. In Oregon, the assessment year covers the timeframe from January 1 to December 31. This aligns with the standard calendar year, during which the appraiser assesses property values as of January 1. As such, the values established on that date will be used to determine the property taxes levied in the following year.

The significance of the January 1 cutoff is essential for property taxation, as it establishes a clear and uniform benchmark for appraisals. In this context, it ensures that all properties are assessed consistently based on their condition and value as of a specific date, allowing for equitable taxation across the jurisdiction.