Oregon Statutes 307.520 – Limited equity cooperative property
(1) Property or a portion of property owned by a limited equity cooperative is exempt from taxation as provided under ORS § 307.515 to 307.523 if:
Terms Used In Oregon Statutes 307.520
- 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
(a) The property is occupied by low income persons holding a proprietary lease in the limited equity cooperative;
(b) The charges paid by the occupant to the limited equity cooperative for occupancy reflect the full value of the property tax exemption;
(c) The exemption has been approved as provided in ORS § 307.523, pursuant to an application filed before July 1, 2030;
(d) The housing units on the property were constructed, or converted to limited equity cooperative ownership, after the local governing body adopted the provisions of ORS § 307.515 to 307.523; and
(e) The information disclosed on the application filed pursuant to ORS § 307.521 meets any other criteria adopted by the governing body.
(2) A governing body that adopts the provisions of ORS § 307.515 to 307.523 may adopt additional criteria for exemption that do not conflict with the criteria described in subsection (1)(a) to (d) of this section. [2023 c.398 § 21]