(1) Except as provided in subsection (2) of this section, the exemptions granted under ORS § 307.515 to 307.523 apply only to the tax levy of a governing body that adopts the provisions of ORS § 307.515 to 307.523. At the time of adoption, the governing body shall elect a definition of ‘low income’ under ORS § 307.515.

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(2) The exemptions granted under ORS § 307.515 to 307.523 apply to the tax levy of all taxing districts in which property certified for exemption is located if, upon request of a governing body that has adopted the provisions of ORS § 307.515 to 307.523, the rates of taxation of such taxing districts whose governing boards agree to the policy of exemption under ORS § 307.515 to 307.523, when combined with the rate of taxation of the governing body that adopts the provisions of ORS § 307.515 to 307.523, equal 51 percent or more of the total combined rate of taxation on the property granted exemption.

(3) A governing body may adopt additional provisions relating to the exemption granted under ORS § 307.515 to 307.523 that do not conflict with the provisions of ORS § 307.515 to 307.523. [1989 c.803 § 3; 1991 c.930 § 4; 2015 c.310 § 4; 2021 c.528 § 3]