Part 3/9:
This sale marked a "fire sale" that set a troubling precedent, causing property tax assessments statewide. Typically, property taxes in Portland are based on assessed values that lag behind actual market conditions—generally capped at a 3% annual increase under measures like Measure 50. However, when market values plummet—like during the pandemic—they can no longer be ignored in assessments, especially when sales data of distressed properties flood the market.