(a) The property is subject to a government restriction on use; and
(b) The owner of the property has filed an application for special assessment under ORS 308.709 and that application has been approved.
(2) The specially assessed value of property assessed under this section shall be determined in the manner elected by the property owner under ORS 308.712.
(3)(a) For the first tax year for which property is assessed under this section, the maximum assessed value of property subject to special assessment under this section shall equal the product of the specially assessed value of the property under subsection (2) of this section multiplied by the ratio, not greater than 1.00, of the average maximum assessed value to the average real market value of property in the same area and property class as the specially assessed property.
(b) For each tax year after the first tax year in which the property is assessed under this section and prior to any disqualification from special assessment, the maximum assessed value of property assessed under this section shall equal 103 percent of the property’s assessed value from the prior year or 100 percent of the property’s maximum assessed value from the prior year, whichever is greater.
(c) If omitted property is added to the property assessed under this section or a lot line adjustment is made to property assessed under this section, the maximum assessed value of property subject to special assessment under this section shall be determined as prescribed in ORS 308.149 to 308.166, substituting the specially assessed value under subsection (2) of this section for real market value.
(4) The assessed value of property subject to special assessment under this section shall equal the lowest of:
(a) The specially assessed value of the property determined under subsection (2) of this section;
(b) The maximum assessed value of the property determined under subsection (3) of this section; or
(c) The real market value of the property.
(5) For each tax year following the first tax year in which property is subject to special assessment under this section, the owner of the multiunit rental housing must comply with any requirements prescribed by the Department of Revenue by rule for the continued special assessment of the property under this section.
(6) The definitions in ORS 308.149 apply to this section. [2001 c.605 §4]
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.