The City of Portland’s Assessor today announced a slight delay in the expected timeframe for sending out notices of new assessed values to all property owners as part of the City’s Revaluation Project. Originally anticipated to be mailed the week of May 31st, property owners should expect their notices to be mailed the week of June 28th, a delay of 4 weeks. The reason for the delay is attributed to a longer than expected process in finalizing new commercial property valuations.
“The COVID-19 pandemic has impacted different sectors of the real estate market in unanticipated ways,” said City Tax Assessor Christopher Huff. “We are seeing higher vacancy and capitalization rates in certain sub-sectors of the commercial real estate market that must be taken into account as we work to set new values as of the April 1, 2021 assessment date. Additional time is needed to create new models and build them in a way to be able to respond to future changes in the short-term once these rates have stabilized. This work is causing an unfortunate delay to the final quality assurance checks and statistical testing of all commercial valuation models. These last steps are now anticipated to be completed by mid-June. Once finalized, we will get all notices printed with new values and immediately sent out in the mail to all property owners.”
Once change notices are mailed, the final phase of the revaluation project can begin with the informal appeal process. Every property owner has the right to appeal their new valuations directly with Tyler Technologies’ CLT Appraisal Services, the vendor selected to assist the Assessor’s Office in conducting the revaluation.
“The delay in notices will have no impact on the appeals process to be conducted over the summer,” said Huff. “These appeals will be conducted entirely remote and the notices will outline the website and toll-free number that property owners can use to schedule their appeal, if they choose to have one.”
Once all appeals are heard and decided, new property values will be used for the Fiscal Year 2022 tax bills, expected to be mailed around Labor Day (early September). As the overall taxable value of the city will increase due to the revaluation, the tax rate will decrease in proportion.
“We will be able to estimate the new lower tax rate right around the time that notices will be mailed,“ Huff added.
In conjunction with the mailed notices, the Assessor’s Office will be rolling out a completely new and revamped property search website. The current Property Search application is one of the most visited pages on the City’s website.
“We are excited to bring a better user experience to our property search page that includes new functionality for users to do custom queries and reporting. The website will include the new assessed values property owners will see in their notices and users will be able to fully review their own, or any, property throughout the city.”