All things being equal which Portland home would you buy? The one eligible for a tax exemption? The City of Portland Housing Bureau has a program where new construction houses in certain areas (mostly around Lents (from SE 60th to 136th) and North Portland) of the City are eligible for a 10 year property tax exemption. Rather than being assessed on the improved value of the property, the property tax is based on the assessed value of the lot. At expiration the nonrenewable exemption reverts to the normal property tax system.
Not all homes and buyers qualify. The builder has to apply to the program prior to construction. The Housing Bureau maintains a list of properties that are approved for the program. The buyer must apply for the exemption as well by meeting certain income requirements. This is the list of currently approved LTE homes.
Complete information about the program can be found on the City of Portland website. Graphic above is from their site. I’ll see if we can generate an RMLS search of the eligible properties. There is no search field for it specifically so we’ll have to see if we can find a work-around. If you have questions on a specific home on the list, let us know.