(1)(a) When land has once been designated as forestland as a result of an application being filed therefor it shall be valued as such until the county assessor removes the forestland designation under paragraph (b) of this subsection.
The county assessor shall remove the forestland designation upon:
Notification by the taxpayer to the assessor to remove the designation;
Sale or transfer to an ownership making it exempt from ad valorem property taxation;
Discovery by the assessor that the land is no longer forestland; or
The act of recording a subdivision plat under ORS chapter 92.
If, under subsection (1)(b)(D) of this section, the county assessor removes the forestland designation upon the act of recording a subdivision plat, the land, or a part of the land, may be requalified for forestland designation upon:
Payment of all additional tax and interest that remains due and owing with respect to the land;
Submission by the owner of an application for designation as forestland as provided in this section;