Proposing an amendment to the Oregon Constitution relating to ad valorem property taxation.

Proposes amendments to the Oregon Constitution providing that, for purposes of ad valorem property taxation, maximum assessed value shall be reassessed upon the sale of property, the ratio of maximum assessed value to real market value of property may not be less than 0.75, and the maximum number of years for which a local option tax may be passed are extended and the tax is not subject to compression under Ballot Measure 5 (1990). Refers the proposed amendments to the people for their approval or rejection at the next regular general election.