Property Subject to Taxation

ORS 307.864
Partial property tax exemption


(1)

For the first tax year in which, as of the assessment date, a vertical housing development project is occupied or ready for occupancy following certification under ORS 307.857 (Application for exemption), and for the next nine consecutive tax years:

(a)

The property of the vertical housing development project, except for the land of the project, shall be partially exempt from ad valorem property taxes imposed by local taxing districts, other than the districts that elected not to participate in the vertical housing development zone pursuant to ORS 307.844 (Zone designation) (4), according to the following schedule and as identified in the certification issued under ORS 307.857 (Application for exemption) (8):

(A)

If the project consists of the equivalent of one equalized floor allocated to residential housing, the project shall be 20 percent exempt.

(B)

If the project consists of the equivalent of two equalized floors allocated to residential housing, the project shall be 40 percent exempt.

(C)

If the project consists of the equivalent of three equalized floors allocated to residential housing, the project shall be 60 percent exempt.

(D)

If the project consists of the equivalent of four or more equalized floors allocated to residential housing, the project shall be 80 percent exempt.

(b)

The land of the vertical housing development project shall be partially exempt from ad valorem property taxes imposed by local taxing districts, other than the districts that elected not to participate in the vertical housing development zone pursuant to ORS 307.844 (Zone designation) (4), in the same percentages determined under paragraph (a) of this subsection, for each equalized floor allocated to low income residential housing, as identified in the certification issued under ORS 307.857 (Application for exemption) (8).

(2)

In order for the property of a vertical housing development project to receive the partial property tax exemption described in subsection (1) of this section, the vertical housing development project property owner, project applicant or other person responsible for the payment of property taxes on the project must notify the city or county that the project is occupied or ready for occupancy, and the city or county must notify the assessor of the county in which the project is located, in the manner set forth in ORS 307.512 (Filing deadline for certain housing-related exemption and special assessment programs), that the project is occupied or ready for occupancy and has been certified under ORS 307.857 (Application for exemption). [Formerly 285C.471; 2013 c.193 §§11,18; 2017 c.326 §8]
Chapter 307

Atty. Gen. Opinions

Validity of ad valorem and severance taxation of logs destined for export, (1975) Vol 37, p 427; application of Article XI, section 11b of Oregon Constitution to this chapter, (1990) Vol 46, p 388

Law Review Citations

5 EL 516 (1975)


Source

Last accessed
Jun. 26, 2021