(a) The limited assessment granted to the property or portion under ORS 308.450 to 308.481 shall terminate immediately, without right of notice or appeal;
(b) The property or portion shall be assessed and taxed in the same manner as other property similarly situated is assessed and taxed; and
(c) Notwithstanding ORS 311.235, there shall be added to the general property tax roll for the tax year next following the presentation or discovery, to be collected and distributed in the same manner as other real property tax, an amount equal to the difference between the amount of tax levied with respect to the property or portion for the tax year for which the property or portion was granted limited assessment and the tax that would have been levied if the property or portion had not been granted limited assessment for that year for each of the years, not to exceed the last 10 years, during which the property was granted limited assessment under ORS 308.450 to 308.481.
(2) Subsection (1)(c) of this section shall not apply to property for which a declaration is presented to the county assessor or tax collector for approval under ORS 100.110, if:
(a) The property is subject to an agreement described in ORS 308.462 (2);
(b) Based on the most recent statement of rental rates filed under ORS 308.474, the rental rates of all units are equal to or greater than 125 percent of the Section 8 fair market rent, adjusted for unit size, as established and periodically adjusted by the Secretary of Housing and Urban Development pursuant to 42 U.S.C. 1437f, as amended and in effect on October 4, 1997;
(c) The property owner files a written request with the governing body for a waiver of the provisions of subsection (1)(c) of this section between six months before and six months after the declaration is submitted to the assessor for approval under ORS 100.110; and
(d) The governing body approves the request.
(3) If, at the time of presentation or discovery, the property is no longer receiving limited assessment, additional taxes shall be collected as provided in this section, but the number of years that would otherwise be used to compute the additional taxes shall be reduced one year for each year that has elapsed since the year the property was last granted limited assessment beginning with the oldest year for which additional taxes are due.
(4) The assessment and tax rolls shall show "potential additional tax liability" for each property granted limited assessment under ORS 308.450 to 308.481.
(5) Additional taxes collected under this section shall be deemed to have been imposed in the year to which the additional taxes relate. [1981 c.697 §2; 1983 c.630 §1; 1987 c.158 §47; 1987 c.459 §34; 1989 c.1051 §13a; 1991 c.459 §136; 1995 c.79 §130; 1997 c.830 §3]
Structure 2021 Oregon Revised Statutes
Volume : 08 - Revenue and Taxation
Chapter 308 - Assessment of Property for Taxation
Section 308.007 - Definitions.
Section 308.010 - Registered appraiser requirements; revocation; continuing education; rules.
Section 308.015 - Alternate qualifications for registered appraisers.
Section 308.105 - Personal property.
Section 308.125 - Undivided interest; assessment; ownership of less than one forty-eighth interest.
Section 308.142 - "Property" and "property tax account" defined.
Section 308.149 - Definitions for ORS 308.149 to 308.166.
Section 308.153 - New property and new improvements to property.
Section 308.162 - Property tax account modifications.
Section 308.205 - Real market value defined; rules.
Section 308.207 - Computation of real market value for taxing or bonding limitations.
Section 308.212 - Requirement for property owner to file address.
Section 308.215 - Contents of assessment roll; rules.
Section 308.217 - Form of assessment and tax rolls; obtaining descriptions of property.
Section 308.219 - Assessment and tax rolls; preparation; contents; availability to public; rules.
Section 308.225 - Boundary changes; procedure.
Section 308.233 - Use of sales data for physical appraisal.
Section 308.235 - Valuation of real property.
Section 308.245 - Maps; taxpayers’ index.
Section 308.275 - Use of reproduction cost or prices and costs in determining assessed values.
Section 308.320 - Oath of assessor upon completion of assessment roll.
Section 308.330 - Duty of assessor to assess properly.
Section 308.408 - "Industrial plant" defined.
Section 308.411 - Appraisal and real market valuation of industrial plants; rules.
Section 308.412 - Effect of election to exclude income approach to value under prior law.
Section 308.413 - Confidential information furnished under ORS 308.411; exception; rules.
Section 308.450 - Definitions for ORS 308.450 to 308.481.
Section 308.457 - Determining boundaries of distressed areas; rules; limitation.
Section 308.462 - Qualifications for limited assessment.
Section 308.490 - Determining value of homes for elderly persons.
Section 308.505 - Definitions for ORS 308.505 to 308.674.
Section 308.510 - Real and personal property classified for ORS 308.505 to 308.674.
Section 308.515 - Department to make annual assessment of designated utilities and companies.
Section 308.516 - Certain exceptions to ORS 308.515.
Section 308.517 - To whom property assessed; certain property not to be assessed.
Section 308.519 - Local assessment of data center property.
Section 308.524 - Companies to file statements.
Section 308.525 - Contents of statement.
Section 308.550 - Valuing property of company operating both within and without state.
Section 308.560 - Assessment roll; description of property; effect of mistake.
Section 308.565 - Apportionment of assessment among counties.
Section 308.570 - Determining value per mile of main and branch lines of companies using rail lines.
Section 308.582 - Notice of tentative assessment.
Section 308.584 - Request for conference to modify tentative assessment; appeal.
Section 308.590 - Review and correction of tentative assessment roll; apportionment to county.
Section 308.605 - Entry of corrections and changes; record of meetings.
Section 308.624 - Correction of certified roll.
Section 308.628 - Omitted property subject to assessment.
Section 308.632 - Notice of intention to add omitted property to assessment roll.
Section 308.636 - Correction of assessment roll to reflect omitted property; appeal.
Section 308.665 - Railroad car exemption.
Section 308.671 - Elective exemption of certain communication-related property.
Section 308.701 - Definitions for ORS 308.701 to 308.724.
Section 308.707 - Valuation of multiunit rental property subject to special assessment.
Section 308.807 - Amount of tax.
Section 308.810 - Association to file statement; payment of tax.
Section 308.815 - Examination of return by department; distribution of tax.
Section 308.820 - Tax as a lien; delinquency date; action to collect.
Section 308.865 - Notice and payment of taxes before movement of mobile modular unit.
Section 308.866 - Definition of "mobile modular unit"; statement of value; receipt.