ORS 307.866
Decertification of project
- disqualification from exemption
- additional taxes
(1)
Intentionally left blank —Ed.(a)
During the period in which property of a vertical housing development project would otherwise be partially exempt under ORS 307.864 (Partial property tax exemption) (1)(a), if all or a portion of the project has been decertified under ORS 307.861 (Monitoring of certified projects), the property is disqualified from partial exemption to the extent of the decrease in the exemption multiplier identified under ORS 307.861 (Monitoring of certified projects) (3)(a)(B) or (C) for property in the project dedicated to residential uses or low income residential housing, respectively, as set forth in the notice of decertification.(b)
During the period in which the land of a vertical housing development project would otherwise be partially exempt under ORS 307.864 (Partial property tax exemption) (1)(b), if all or a portion of the project has been decertified under ORS 307.861 (Monitoring of certified projects), the land is disqualified from partial exemption to the same extent as property in the project dedicated to low income residential housing is disqualified, as determined under paragraph (a) of this subsection.(2)
Notwithstanding ORS 307.864 (Partial property tax exemption), there shall be added to the general property tax roll for the tax year next following decertification described in subsection (1) of this section, to be collected and distributed in the same manner as other real property tax, an amount equal to the difference between the taxes assessed against the property and land granted partial exemption under ORS 307.864 (Partial property tax exemption) and the taxes that would have been assessed against the property and land but for the partial exemption for each of the years, not to exceed the last 10 years, during which the property and land were partially exempt from taxation under ORS 307.864 (Partial property tax exemption).(3)
Notwithstanding ORS 307.864 (Partial property tax exemption), if, after a period of partial exemption under ORS 307.864 (Partial property tax exemption) has terminated, the city or county that designated the zone in which the project is located discovers that the property or land of a vertical housing development project was granted partial exemption to which the project was not entitled, additional taxes may be collected as provided in subsection (2) of this section, except that the number of years for which the additional taxes may be collected shall be reduced by one year for each year that has elapsed since the year the property or land was last granted partial exemption, beginning with the earliest year for which additional taxes are due.(4)
The assessment and tax rolls shall show potential additional tax liability for all property and land granted partial exemption under ORS 307.864 (Partial property tax exemption).(5)
Additional taxes collected under this section shall be deemed to have been imposed in the year to which the additional taxes relate. [2013 c.193 §20; 2017 c.326 §9; 2021 c.476 §6]
Source:
Section 307.866 — Decertification of project; disqualification from exemption; additional taxes, https://www.oregonlegislature.gov/bills_laws/ors/ors307.html.
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