The firm completes an investment of $5 million or more in qualified property.
(a) Property described in subsection (1) or (2) of this section is exempt from ad valorem property taxation only to the extent the real market value of the property, when added to the real market value of all other property in the rural renewable energy development zone that has received an exemption under this section, is less than the exemption authorization level established for the zone under ORS 285C.353 (Designation of rural renewable energy development zones) (4).
For purposes of this subsection, real market value shall be determined as of the assessment date for the first year that property is exempt under this section.
The exemption allowed under this section applies to the first tax year for which, as of January 1 preceding the tax year, the qualified property is in service. The exemption shall continue for the next two succeeding tax years if the property continues to be owned or leased by the business firm, operated to generate renewable energy or to support or maintain renewable energy facilities, and located in the rural renewable energy development zone.