Oregon Statutes 308.674 – Exemption equal to difference between real market value of companys centrally assessable property and 130 percent of cost of companys centrally assessable real and tangible personal property; limitations; exclusivity
(1) The property of a company described in ORS § 308.515 (1) shall be granted an exemption in the amount of the positive value, if any, obtained by subtracting from the real market value of the company’s real property and tangible and intangible personal property included in the unit subject to central assessment, reduced by the amount of any exemption elected under ORS § 308.671, an amount equal to the historical or original cost of the company’s real property and tangible personal property included in the unit subject to central assessment, without reduction for any exemption elected under ORS § 308.671, multiplied by 130 percent.
Terms Used In Oregon Statutes 308.674
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) If the amount determined under subsection (1) of this section is not positive, the real market value of the company’s real property and tangible and intangible personal property included in the unit subject to central assessment, reduced by the amount of any exemption elected under ORS § 308.671, shall be the real market value of the company’s property for the property tax year.
(3) Notwithstanding subsection (1) of this section, an exemption granted under this section may not exceed an amount equal to 95 percent of the real market value of the company’s real property and tangible and intangible personal property included in the unit subject to central assessment.
(4)(a) If the property of a company is granted an exemption under this section for a property tax year, the property is not eligible for any other exemption from ad valorem property taxation for the property tax year.
(b) Notwithstanding paragraph (a) of this subsection:
(A) An exemption granted under ORS § 308.671 to property that is granted an exemption under this section shall be allowed in the manner provided under this section and ORS § 308.671.
(B) An exemption granted under this section for a property tax year has no effect on the benefits that the property of the company or the company may be granted under ORS Chapter 285C or ORS § 307.123 for the property tax year. [2015 c.23 § 3; 2019 c.164 § 3]
Section 11, chapter 23, Oregon Laws 2015, provides:
(1) ORS § 308.518 and 308.519 and the amendments to ORS § 308.505 and 308.516 by sections 7 and 9, chapter 23, Oregon Laws 2015, apply to property tax years beginning on or after July 1, 2015.
(2) The amendments to ORS § 308.671 by section 4, chapter 23, Oregon Laws 2015, apply to property tax years beginning on or after July 1, 2016.
(3) ORS § 308.674 applies to property tax years beginning on or after July 1, 2016, and before July 1, 2030. [2015 c.23 § 11; 2019 c.164 § 4; 2019 c.578 § 5; 2023 c.398 § 6]
[1975 c.655 § 2; 1977 c.679 § 2; repealed by 1997 c.541 § 215a]
[2015 c.23 § 5; 2015 c.31 § 7; repealed by 2019 c.164 § 1]
[1975 c.655 § 3; 1977 c.679 § 3; 1991 c.459 § 160; repealed by 1997 c.541 § 215a]
[2015 c.23 § 6; repealed by 2019 c.164 § 1]
[1975 c.655 § 4; 1977 c.679 § 4; 1979 c.350 § 8; 1985 c.524 § 2; 1991 c.459 § 161; 1993 c.18 § 71; repealed by 1997 c.541 § 215a]
[1975 c.355 § 2; 1977 c.811 § 3; 1979 c.534 § 2; repealed by 1991 c.459 § 184]
[1975 c.355 § 3; repealed by 1991 c.459 § 184]
[1975 c.355 § 4; 1981 c.804 § 68; 1985 c.613 § 20; repealed by 1991 c.459 § 184]
MULTIUNIT RENTAL HOUSING SUBJECT TO GOVERNMENT RESTRICTION ON USE