Salem, Oregon – Representative Christine Drazan (R-Canby) has proposed a measure aimed at granting a property tax exemption for seniors who fit specific requirements in order to relieve the financial load on Oregon’s older homeowners. Encapsulated in House Bill 3755, the idea calls for an initial five percent exemption on property taxes for eligible seniors, with yearly plans for a steadily rising exemption.
Under this legislation, the exemption is particularly meant for homeowners who are at least 65 years old, have lived in their existing homes for at least ten years, and earn a household income of no more than $150,000 yearly. This strategic focus comes at a critical time, as Rep. Drazan highlighted in a recent news release, noting that seniors have surpassed children in number, representing 19.6 percent of Oregon’s population as of 2023.
According to the measure, the property tax exemption would rise five percent each year. This system is meant to finally result in a notable decrease, potentially eliminating property taxes for elderly people as they age further. The slow rise in the exemption % seeks to offer continuous assistance, therefore allowing for the financial difficulties that rise as one ages.
This legislative initiative addresses the growing expenses that disproportionately impact the elderly, including electricity, healthcare, and property taxes—expenses that have witnessed notable rise in recent years. For example, Medicare payments alone rise by 57.5% while Oregon’s healthcare expenditures jumped by 49% in 2022…