Oregon Statutes 307.866 – Decertification of project; disqualification from exemption; additional taxes
(1)(a) During the period in which property of a vertical housing development project would otherwise be partially exempt under ORS § 307.864 (1)(a), if all or a portion of the project has been decertified under ORS § 307.861, the property is disqualified from partial exemption to the extent of the decrease in the exemption multiplier identified under ORS § 307.861 (3)(a)(B) or (C) for property in the project dedicated to residential uses or low income residential housing, respectively, as set forth in the notice of decertification.
Terms Used In Oregon Statutes 307.866
- City: includes any incorporated village or town. See Oregon Statutes 174.100
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) During the period in which the land of a vertical housing development project would otherwise be partially exempt under ORS § 307.864 (1)(b), if all or a portion of the project has been decertified under ORS § 307.861, the land is disqualified from partial exemption to the same extent as property in the project dedicated to low income residential housing is disqualified, as determined under paragraph (a) of this subsection.
(2) Notwithstanding ORS § 307.864, there shall be added to the general property tax roll for the tax year next following decertification described in subsection (1) of this section, to be collected and distributed in the same manner as other real property tax, an amount equal to the difference between the taxes assessed against the property and land granted partial exemption under ORS § 307.864 and the taxes that would have been assessed against the property and land but for the partial exemption for each of the years, not to exceed the last 10 years, during which the property and land were partially exempt from taxation under ORS § 307.864.
(3) Notwithstanding ORS § 307.864, if, after a period of partial exemption under ORS § 307.864 has terminated, the city or county that designated the zone in which the project is located discovers that the property or land of a vertical housing development project was granted partial exemption to which the project was not entitled, additional taxes may be collected as provided in subsection (2) of this section, except that the number of years for which the additional taxes may be collected shall be reduced by one year for each year that has elapsed since the year the property or land was last granted partial exemption, beginning with the earliest year for which additional taxes are due.
(4) The assessment and tax rolls shall show potential additional tax liability for all property and land granted partial exemption under ORS § 307.864.
(5) Additional taxes collected under this section shall be deemed to have been imposed in the year to which the additional taxes relate. [2013 c.193 § 20; 2017 c.326 § 9; 2021 c.476 § 6]