(Salem, OR) – A new legislative proposal, House Bill 3755, seeks to provide financial relief to senior homeowners in Oregon by introducing a property tax exemption. The bill outlines a phased reduction in property taxes for eligible seniors, beginning with a 5% exemption and increasing annually.
Under the proposed legislation, homeowners must meet specific criteria to qualify. The requirements include being at least 65 years old, having lived in their home for at least 10 years, and maintaining a household income of no more than $150,000 per year.
The bill aims to alleviate financial pressures on senior residents who face rising housing costs. With a structure that increases the exemption by 5% per year, the policy is designed to eventually eliminate property tax obligations for qualifying seniors over time.
Local governments, which rely on property tax revenue to fund public services such as schools, emergency response, and infrastructure, would need to adjust budgets accordingly if the measure is enacted. The bill remains under review in committee, with lawmakers expected to make a decision in the coming months. If approved, the legislation would position Oregon among states that have implemented tax relief programs to support aging homeowners.
Further updates on House Bill 3755 will be available as it progresses through the legislative process.
