Oregon Statutes 307.518 – Alternative criteria for exemption
(1) Property or a portion of property is exempt from taxation as provided under ORS § 307.515 to 307.523 if:
Terms Used In Oregon Statutes 307.518
- 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
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Personal property: All property that is not real property.
(a) The property, if unoccupied, is:
(A) Offered for rental solely as a residence for low income persons; or
(B) Held for the purpose of developing low income rental housing, for a period not exceeding a reasonable maximum period, if any, adopted by the governing body;
(b) The property, if occupied, is occupied solely as a residence for low income persons;
(c) An exemption for the property has been approved as provided under ORS § 307.523, pursuant to an application filed before July 1, 2030;
(d) The property is owned or being purchased by a nonprofit corporation organized in a manner that meets the criteria for a public benefit corporation or a religious corporation, both terms as defined in ORS § 65.001;
(e) The property is owned or being purchased by a nonprofit corporation that expends no more than 10 percent of the nonprofit corporation’s annual income from residential rentals for purposes other than the acquisition, maintenance or repair of residential rental property for low income persons or for the provision of on-site child care services for the residents of the rental property; and
(f) 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 (e) of this section.
(3) For the purposes of this section, a nonprofit corporation that has only a leasehold interest in property is considered to be a purchaser of that property if:
(a) The nonprofit corporation is obligated under the terms of the lease to pay the ad valorem taxes on the real and personal property used in the rental activity on that property; or
(b) The rent payable has been established to reflect the savings resulting from the exemption from taxation.
(4) A partnership shall be considered a nonprofit corporation for purposes of this section if:
(a) A nonprofit corporation is a general partner of the partnership; and
(b) The nonprofit corporation is responsible for the day-to-day operation of the property that is the subject of the exemption under ORS § 307.515 to 307.523. [1991 c.930 § 2; 1993 c.168 § 4; 1995 c.79 § 121; 1995 c.702 § 1; 1997 c.541 § 127; 1997 c.752 § 6; 1999 c.487 § 1; 2001 c.315 § 55; 2005 c.94 § 37; 2010 c.29 § 6; 2013 c.158 § 36; 2015 c.310 § 2; 2018 c.111 § 11; 2019 c.579 § 34]