(1)(a) The value of new construction or additions to historic properties certified for special assessment under ORS § 358.487 to 358.543 is assessed in the same manner as the original historic property under ORS § 358.505 if the additions or new construction:

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(A) Were included in the preservation plan approved pursuant to ORS § 358.540; and

(B) Meet the historic rehabilitation standards as defined in ORS § 358.480.

(b) Notwithstanding paragraph (a) of this subsection, additions or new construction are not assessed under ORS § 358.505 if the local governing body or the State Historic Preservation Officer, in accordance with ORS § 358.500 (4), determines that the additions or improvements are:

(A) Sited on the property in a manner more suitable for primary historic buildings in the area;

(B) Of a size or scale more appropriate to primary historic buildings in the area; or

(C) Independent structures as determined by use or ownership.

(c) If additions or new construction described in paragraph (b) are disqualified for any reason listed in ORS § 358.515 (1), the entire property may be disqualified for historic property special assessment.

(2)(a) Buildings divided into condominiums are eligible for special assessment as historic property under ORS § 358.505 only in their entirety on the basis of one application pursuant to ORS § 358.487.

(b) No individual condominium unit owner may opt out at the time of certification pursuant to this chapter or seek disqualification once the building has been certified. At the time application is made, a letter to this effect must be delivered to each condominium unit owner.

(3)(a) When a building that is certified as historic property is divided into condominium units, the assessor shall calculate the specially assessed value of the entire building pursuant to ORS § 358.505 (1)(a) or (b), as applicable.

(b) Initial sale of a condominium unit by the developer disqualifies the unit within the meaning of section 11 (1)(c)(E), Article XI of the Oregon Constitution.

(c) Upon disqualification due to initial sale, the condominium unit is requalified without further application for the remaining term of the current 10-year period of historic property special assessment.

(d) Upon requalification after initial sale, the assessor shall calculate the specially assessed value of the condominium unit pursuant to ORS § 358.505 (1)(c).

(e) Upon sale of individual condominium units, a notice of the building’s classification and special assessment as historic property in its entirety must be attached to each deed. Recording fees for all condominium units must be paid by the condominium association.

(4) If the building qualifies for a second 10-year period under ORS § 358.540, each condominium unit is separately assessed pursuant to the applicable provisions of ORS § 358.505. [1983 c.720 12,13; 1991 c.459 § 329; 1995 c.5 § 15; 1995 c.693 § 12; 1999 c.314 § 87; 2001 c.540 § 16; 2007 c.70 § 151; 2009 c.892 § 13]