2017 SJR 3: Affecting Section 11, 11k, 11L of Article XI of the Oregon State Constitution

The Bill proposing Senate Joint Resolution No. 3 in the 2017 regular session does not have a sponsor's name on it.  This resolution is directed at the property tax provisions in Article XI of the Oregon State Constitution.  Article XI is entitled "Corporations and Internal Improvements"

The effect of the changes

In Section 11, Article XI currently there was essentially a reset in property value and a cap as to growth of the tax value of the property.  Since times are good and governments are cash-strapped, subsection (1) of the proposed amendment now says that all properties will be taxed at market value which will likely jump property taxes significantly.  Although it appears that the limits of the rates of taxation are left alone in subsection (5), it is not entirely clear.
In subsection (6), it discusses indebtedness due to bond issues wherein ad valorem tax revenue was pledged.  In mentions different rules for indebtedness before and after 1990.  That was 28 years ago.  Is this mean to imply that there are some debts that the taxpayers have been financing for 28 years or longer?  Although a typical mortgage is expected to run 30 years, I think most get paid off early.  If the state finance people are setting up bond issues where it rolls over the bonds for 5 years, pays the fees and just pays the interest, then the lessons of the 2006 Financial crisis were not learned.
In subsection (8), there is an addition for an exemption of a "homestead".  Frankly this is misleading and someone is just trying to placate rural citizens who might be sympathizing with the protestors in Malheur county.  An alternate reading provides more clarity if you insert "principal residence" in place of "homestead".
Subsection (10) takes exception to the equality provisions in Article I.  Some how, a lot of people seem to interpret "all men are equal under the law" when it comes to tax matters as "all men shall pay equal amounts of tax".  With any tax scheme, there are those who pay more taxes and those who pay less.  If everyone acted like Jack Welch's GE and paid no taxes whatsoever, how would government work?
This adds a Section 11m which has a sunset clause of January 2, 2021 because if the revised section 11 comes into force, immediately effective legislation needs to be written and passed.
Finally, this proposed amendment makes a change to section 11L where the voter approval requirement is such that proposed taxes have to be passed by voters in an election that has 50% or greater participation unless it is held in May (primaries) or November (general election) of any year.  I wish I had some voter participation numbers handy.  I think this is a dangerous change that makes it possible for small motivated groups to stealthily pass through bond measures in the dark of an off-year primary.

My View

I think this proposal has some challenges and it not ready to be sent to the voters.  If it was sent in the current state, I would be in the "no" camp.  Specifically for the change to 11L and also, because it seems to me to potentially cause a big jump in property taxes.