Oregon Statutes 307.022 – Qualification for exemption of property of certain limited liability companies
Current as of: 2023 | Check for updates
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For purposes of the property tax laws of this state, the property of a limited liability company qualifies for an exemption from ad valorem property taxation or special assessment:
Terms Used In Oregon Statutes 307.022
- 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.
(1) If the limited liability company is wholly owned by one or more nonprofit corporations or entities whose property is exempt from taxation under ORS § 307.090;
(2) If the property, if held directly by each of the nonprofit corporation owners of the limited liability company, would qualify for the exemption or special assessment; and
(3) Only to the least extent that the property would be granted exemption or special assessment in the hands of any of the nonprofit corporation owners of the limited liability company. [2005 c.688 § 2; 2017 c.445 § 1]