The city of Portland Assessor today announced a slight delay, four weeks, 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 sections 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 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.