First Interstate Bank v. Department of Revenue

We must determine the true cash value of certain real property owned by plaintiff. The main issue is whether each property must be assessed as a separate unit or whether the properties can be assessed as a single property, which would result in a lower assessed value. We hold that each property must be individually assessed to ascertain the true cash value of the properties as required by Oregon’s ad valorem taxation laws. We affirm the decision of the Tax Court. First Interstate Bank v. Dept. of Rev., 10 OTR 452 (1987).

The properties that are the subject of this valuation are lots owned by…