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Oregon Revised Statutes

Or. Rev. Stat. § 308.205 (2026)

Real market value defined; rules

✓ current as of May 2026
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      308.205 Real market value defined; rules. (1) Real market value of all property, real and personal, means the amount in cash that could reasonably be expected to be paid by an informed buyer to an informed seller, each acting without compulsion in an arm’s-length transaction occurring as of the assessment date for the tax year.

      (2) Real market value in all cases shall be determined by methods and procedures in accordance with rules adopted by the Department of Revenue and in accordance with the following:

      (a) The amount a typical seller would accept or the amount a typical buyer would offer that could reasonably be expected by a seller of property.

      (b) An amount in cash shall be considered the equivalent of a financing method that is typical for a property.

      (c) If the property has no immediate market value, its real market value is the amount of money that would justly compensate the owner for loss of the property.

      (d) If the property is subject to governmental restriction as to use on the assessment date under applicable law or regulation, real market value shall not be based upon sales that reflect for the property a value that the property would have if the use of the property were not subject to the restriction unless adjustments in value are made reflecting the effect of the restrictions. [Amended by 1953 c.701 §2; 1955 c.691 §§1, 2; 1977 c.423 §2; 1981 c.804 §34; 1989 c.796 §30; 1991 c.459 §88; 1993 c.19 §6; 1997 c.541 §152]

Notes of Decisions
Cited in 530 cases (53 in the last 5 years), 1959–2026 · leading case: Mathias v. Dep't of Revenue, 817 P.2d 272 (Or. 1991).
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Mathias v. Dep't of Revenue, 817 P.2d 272 (Or. 1991). · cites it 52× “The amendment added a new subsection (3) to ORS 308.205, providing that: "If the property consists of four or more lots within one subdivision, and the lots are held under one ownership, the lots shall be valued under a method which recognizes the time period over which those…”
Poddar v. Dep't of Revenue, 18 Or. Tax 324 (Or. T.C. 2005). · cites it 5× “ANALYSIS Taxpayer argues that under ORS 308.205 and ORS 308.235 5 the old house had no value for property taxation purposes for the tax years at issue because of governmental restrictions placed on the property by the county.”
Gangle v. Dep't of Revenue, 13 Or. Tax 343 (Or. T.C. 1995). · cites it 7× “” The term real market value is defined by ORS 308.205 as: “[T]he minimum amount in cash which could reasonably be expected by an informed seller acting without compulsion from an informed buyer acting without compulsion, in an arm’s-length transaction during the fiscal year.”
Powell St. I, LLC v. Multnomah Cnty. Assessor, 445 P.3d 297 (Or. 2019). · cites it 6× “, Art XI, § 11 (11)(a)(A) (defining real market value as "the amount in cash that could reasonably be expected to be paid by an informed buyer to an informed seller, each acting without compulsion in an arm's length transaction occurring as of the assessment date for the tax…”
PacifiCorp v. Dept. of Rev., 374 Or. 189 (Or. 2025). · cites it 21× “Stated positively, a taxpayer remains free to argue that a value determined in accordance with [the department’s] rules is inconsistent with the definition of real market value in sub- section (1) of ORS 308.205, and the court is not bound to accept a value determined under [the…”
Poddar v. Dep't of Revenue, 139 P.3d 962 (Or. 2006). · cites it 10× “at 326 (quoting earlier version of ORS 308.205). The question before this court was the proper valuation of the golf course, given that the use of the land was “so severely restricted that its owner derives no benefit from the ownership” of the land.”
Dep't of Revenue v. River's Edge Investments, LLC, 377 P.3d 540 (Or. 2016). · cites it 4× “Specifically, its assignments of error are as follows: “The [T]ax [C] ourt misinterpreted the provisions of Measure 50, and the effect of those provisions on ORS 308.205, when it held that the highest and best use and real market value of property must be determined without…”
Wilsonville Heights Assoc. v. Dep't of Revenue, 122 P.3d 499 (Or. 2005). · cites it 13× “11 ORS 308.205 (1989) did not differ substantively from ORS 308.”
Bayridge Asso. Ltd. Part. v. Dept. of Rev., 892 P.2d 1002 (Or. 1995). · cites it 32× “ORS 308.205 (1989), quoted at note 1, ante, defined "true cash value" as "the market value" of the property.”
Bayridge Assocs. Ltd. P'ship v. Dep't of Revenue, 892 P.2d 1002 (Or. 1995). · cites it 30× “ORS 308.205 (1989), quoted at note 1, above, defined “true cash value” as “the market value” of the property.”
First Interstate Bank v. Dep't of Revenue, 760 P.2d 880 (Or. 1988). · cites it 6× “ORS 308.205 provides in part: “True cash value of all property, real and personal, means the market value of the property as of the assessment date.”
Wilsonville Heights Assoc., Ltd. v. Dep't of Revenue, 17 Or. Tax 139 (Or. T.C. 2003). · cites it 15× “Accordingly, ORS 308.205(2)(c) applies. 9 Id.; see also Truitt Brothers, Inc.”
Show all 530 citing cases →
— Or. Rev. Stat. § 308.205(1) — 376 cases
Powell St. I, LLC v. Multnomah Cnty. Assessor, 445 P.3d 297 (Or. 2019). “, Art XI, § 11 (11)(a)(A) (defining real market value as "the amount in cash that could reasonably be expected to be paid by an informed buyer to an informed seller, each acting without compulsion in an arm's length transaction occurring as of the assessment date for the tax…”
Dep't of Revenue v. River's Edge Investments, LLC, 377 P.3d 540 (Or. 2016). “Specifically, its assignments of error are as follows: “The [T]ax [C] ourt misinterpreted the provisions of Measure 50, and the effect of those provisions on ORS 308.205, when it held that the highest and best use and real market value of property must be determined without…”
Allen v. Dep't of Revenue, 17 Or. Tax 248 (Or. T.C. 2003).
Gray v. Dept. of Rev., 23 Or. Tax 220 (Or. T.C. 2018).
STC Submarine, Inc. v. Dep't of Revenue, 890 P.2d 1370 (Or. 1995).
— Or. Rev. Stat. § 308.205(2) — 287 cases
Bayridge Asso. Ltd. Part. v. Dept. of Rev., 892 P.2d 1002 (Or. 1995). “ORS 308.205 (1989), quoted at note 1, ante, defined "true cash value" as "the market value" of the property.”
Bayridge Assocs. Ltd. P'ship v. Dep't of Revenue, 892 P.2d 1002 (Or. 1995). “ORS 308.205 (1989), quoted at note 1, above, defined “true cash value” as “the market value” of the property.”
Wilsonville Heights Assoc. v. Dep't of Revenue, 122 P.3d 499 (Or. 2005). “11 ORS 308.205 (1989) did not differ substantively from ORS 308.”
PacifiCorp v. Dept. of Rev., 374 Or. 189 (Or. 2025). “Stated positively, a taxpayer remains free to argue that a value determined in accordance with [the department’s] rules is inconsistent with the definition of real market value in sub- section (1) of ORS 308.205, and the court is not bound to accept a value determined under [the…”
Poddar v. Dep't of Revenue, 139 P.3d 962 (Or. 2006). “at 326 (quoting earlier version of ORS 308.205). The question before this court was the proper valuation of the golf course, given that the use of the land was “so severely restricted that its owner derives no benefit from the ownership” of the land.”
— Or. Rev. Stat. § 308.205(2)(a) — 12 cases
Powell St. I, LLC v. Multnomah Cnty. Assessor, 445 P.3d 297 (Or. 2019). “, Art XI, § 11 (11)(a)(A) (defining real market value as "the amount in cash that could reasonably be expected to be paid by an informed buyer to an informed seller, each acting without compulsion in an arm's length transaction occurring as of the assessment date for the tax…”
Norpac Foods, Inc. v. Dep't of Revenue, 18 Or. Tax 41 (Or. T.C. 2005).
PacifiCorp v. Dept. of Rev., 374 Or. 189 (Or. 2025). “Stated positively, a taxpayer remains free to argue that a value determined in accordance with [the department’s] rules is inconsistent with the definition of real market value in sub- section (1) of ORS 308.205, and the court is not bound to accept a value determined under [the…”
PacifiCorp v. Dept. of Rev., 374 Or. 189 (Or. 2025).
A-1 Hosp. v. Hood River Cnty., Tc-Md 100592c (or.tax 5-6-2011) (Or. T.C. 2011).
— Or. Rev. Stat. § 308.205(2)(b) — 1 case
Sea Perch RV Resort LLC v. Lane Cnty. Assessor (Or. T.C. 2012).
— Or. Rev. Stat. § 308.205(2)(c) — 26 cases
Poddar v. Dep't of Revenue, 139 P.3d 962 (Or. 2006). “at 326 (quoting earlier version of ORS 308.205). The question before this court was the proper valuation of the golf course, given that the use of the land was “so severely restricted that its owner derives no benefit from the ownership” of the land.”
Dep't of Revenue v. River's Edge Investments, LLC, 377 P.3d 540 (Or. 2016). “Specifically, its assignments of error are as follows: “The [T]ax [C] ourt misinterpreted the provisions of Measure 50, and the effect of those provisions on ORS 308.205, when it held that the highest and best use and real market value of property must be determined without…”
STC Submarine, Inc. v. Dep't of Revenue, 890 P.2d 1370 (Or. 1995).
Wilsonville Heights Assoc., Ltd. v. Dep't of Revenue, 17 Or. Tax 139 (Or. T.C. 2003). “Accordingly, ORS 308.205(2)(c) applies. 9 Id.; see also Truitt Brothers, Inc.”
Ellison I v. Clackamas Cnty. Assessor, 22 Or. Tax 201 (Or. T.C. 2015).
— Or. Rev. Stat. § 308.205(2)(d) — 13 cases
Poddar v. Dep't of Revenue, 18 Or. Tax 324 (Or. T.C. 2005). “ANALYSIS Taxpayer argues that under ORS 308.205 and ORS 308.235 5 the old house had no value for property taxation purposes for the tax years at issue because of governmental restrictions placed on the property by the county.”
Wilsonville Heights Assoc., Ltd. v. Dep't of Revenue, 17 Or. Tax 139 (Or. T.C. 2003). “Accordingly, ORS 308.205(2)(c) applies. 9 Id.; see also Truitt Brothers, Inc.”
Wilsonville Heights Assoc. v. Dep't of Revenue, 122 P.3d 499 (Or. 2005). “11 ORS 308.205 (1989) did not differ substantively from ORS 308.”
Pollin v. Dep't of Revenue, 952 P.2d 537 (Or. 1998).
Poddar v. Dep't of Revenue, 139 P.3d 962 (Or. 2006). “at 326 (quoting earlier version of ORS 308.205). The question before this court was the proper valuation of the golf course, given that the use of the land was “so severely restricted that its owner derives no benefit from the ownership” of the land.”
— Or. Rev. Stat. § 308.205(3) — 7 cases
Mathias v. Dep't of Revenue, 817 P.2d 272 (Or. 1991). “The amendment added a new subsection (3) to ORS 308.205, providing that: "If the property consists of four or more lots within one subdivision, and the lots are held under one ownership, the lots shall be valued under a method which recognizes the time period over which those…”
Boise Cascade Corp. v. Dep't of Revenue, 12 Or. Tax 263 (Or. T.C. 1991).
Delta Air Lines, Inc. v. Dept. of Rev., 374 Or. 58 (Or. 2025).
Mathias v. Dep't of Revenue, 11 Or. Tax 347 (Or. T.C. 1990).
Delta Air Lines, Inc. v. Dept. of Rev. (Or. T.C. 2023).
— Or. Rev. Stat. § 308.205(a) — 1 case
Swanson v. Union Cnty. Assessor (Or. T.C. 2012).
— Or. Rev. Stat. § 308.205(c) — 1 case
Helms Deep LLC v. Multnomah Assessor (Or. T.C. 2021).
— Or. Rev. Stat. § 308.205(d) — 2 cases
Gangle v. Dep't of Revenue, 13 Or. Tax 343 (Or. T.C. 1995). “” The term real market value is defined by ORS 308.205 as: “[T]he minimum amount in cash which could reasonably be expected by an informed seller acting without compulsion from an informed buyer acting without compulsion, in an arm’s-length transaction during the fiscal year.”
Dorchester House Ret. Cmty. LLC v. Lincoln Cnty. Assessor (Or. T.C. 2014).
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