Oregon Statutes 307.535 – Extension of deadline for completion; exception to imposition of additional taxes
Notwithstanding any provision of ORS § 307.515 to 307.523:
Terms Used In Oregon Statutes 307.535
- 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 governing body finds that construction of the housing unit otherwise entitled to exemption under ORS § 307.517 was not completed by July 1, 2030, due to circumstances beyond the control of the owner, and that the owner had been acting and could reasonably be expected to act in good faith and with due diligence, the governing body may extend the deadline for completion of construction for a period not to exceed 12 consecutive months.
(2) If property granted exemption under ORS § 307.515 to 307.523 is destroyed by fire or act of God, or is otherwise no longer capable of owner-occupancy due to circumstances beyond the control of the owner, the exemption shall cease but no additional taxes shall be imposed upon the property under ORS § 307.531 or 307.533. [1989 c.803 § 11; 1991 c.459 § 68; 1991 c.930 § 10; 1997 c.541 § 132; 1999 c.487 § 3; 2010 c.29 § 8; 2018 c.111 § 14; 2019 c.579 § 37]
[1989 c.803 § 12; 1991 c.459 § 69; 1991 c.930 § 11; 1997 c.752 § 16; 2001 c.114 § 15; repealed by 2015 c.310 § 6]
(Nonprofit Corporation Low Income Housing)