OAR 150-308-0320: Property With Multiple Leases Assessed as One Parcel

Properties with multiple leases must be assessed as one parcel except those properties covered by 307.110(2). The statutes have no provisions for assessing multiple leaseholds of undivided parcels of real property as separate tax accounts. It is not the assessor’s responsibility to divide the assessed values and tax amounts for each leasehold for the owner. The accounts shall be set up as one account and the appraisal card(s) shall reflect the value of the entire parcel. Only buildings, machinery and equipment or fixtures owned separately from other associated property shall be separately assessed.