Oregon Statutes 307.370 – Property of nonprofit homes for elderly persons; limitation on lessee
(1) In aid of veterans tax exemptions, subject to the conditions prescribed in ORS § 307.370 to 307.385 and 308.490, there shall be exempt from taxation the personal property and a portion of the real property computed as provided in ORS § 307.380, owned or being purchased under a contract by a corporation described in ORS § 307.375 which is actually and exclusively occupied and used in the operation of a nonprofit home for elderly persons.
Terms Used In Oregon Statutes 307.370
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) For the purposes of subsection (1) of this section, a corporation which is described in ORS § 307.375 which has only a leasehold interest in a nonprofit home for elderly persons operated by it is deemed to be a purchaser of the property if the operating lessee is specifically obligated by its contract of lease to pay the ad valorem taxes on the real and personal property used in the operation of the home. [1969 c.587 § 2; 1974 c.54 § 1; 1975 c.780 § 17]