(1) ORS § 308.450 to 308.481 apply to rehabilitated residential property located within the jurisdiction of a governing body which adopts, by resolution or ordinance, the provisions of ORS § 308.450 to 308.481. Except as provided in subsection (2) of this section, the limited assessment provided by ORS § 308.450 to 308.481 only applies to the tax levy of a governing body which adopts the provisions of ORS § 308.450 to 308.481.

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(2) The limited assessment provided by ORS § 308.450 to 308.481 shall apply to the tax levy of all taxing districts in which property certified for limited assessment under ORS § 308.450 to 308.481 is located when, upon request of a governing body which has adopted the provisions of ORS § 308.450 to 308.481, the rates of taxation of such taxing districts whose governing boards agree to the policy of limited assessment as provided in ORS § 308.450 to 308.481, when combined with the rate of taxation of the governing body which adopts the provisions of ORS § 308.450 to 308.481, equal 51 percent or more of the total combined rate of taxation on the property certified for limited assessment.

(3) The governing body shall promulgate standards and guidelines to be utilized in making the determinations required by ORS § 308.466 and, in the case of nonowner-occupied residential structures or units, standards and guidelines to be applied if the governing body desires to enter into negotiations with the owner regarding rental rates to be charged during the period of the limited assessment.

(4) ORS § 308.450 to 308.481 do not apply to increases in assessed valuation made by the assessor or by lawful order of the Department of Revenue or a court, to a class of property throughout the county or any specific area of the county to achieve the uniformity of assessment or appraisal required by ORS § 308.232. [1975 c.696 4,12; 1989 c.1051 § 8; 1993 c.270 § 34]