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Hey, everybody.

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Welcome back.

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I'm Dave Moss, by night,
Executive Director at the Eugene Symphony.

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But by day, curious about the Eugene city
budget,

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as a community member,
as a taxpayer, as a homeowner.

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And we have someone who knows
all about real estate here in Eugene.

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Abby Hyland,
thanks so much for joining us today.

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What's real estate like here in Eugene?

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Oh great question. It's fun.

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The real estate market
definitely goes up and down.

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That's the whole cyclical
cycle of it, right?

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When the market goes up,
it means the city has more money to do

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the great things that we want
in a community, right?

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I wish. Not necessarily.

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So your purchase price for your property
is reflective of your market value,

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not your assessed value.

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The assessed value is how the county

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and the state values your property.

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And that's what you're charged
property taxes on.

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These two numbers
are drastically different.

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So since 2012,
our market value has gone up about 142%.

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But our assessed value has been way behind
only 51%.

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Why is that?

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Well, if you do the math, it's actually

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because we can only raise assessed value
3% a year.

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We have a cap at 3% a year,

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which means that we are now at 51%
instead of 142.

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The reason is because of Measure 5
and Measure 50 that passed in the 90s,

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that is in our Oregon Constitution.

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So this is not just a Lane County
Eugene problem.

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This is an Oregon problem
that everyone is facing.

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So if - we're capped at that 3%,
but our expenses are more than that,

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that means difficult times,
difficult times.

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Absolutely.

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Abby, thanks so much for joining us
to share your insights

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about how real estate impacts our city budget
and for being budget curious.

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Oh, Dave, thank you so much for having me.

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It's been a pleasure talking to you today.