(1) This section applies to a taxing district if:

(a) The district is not a school district, education service district, community college district or community college service district;

(b) The additions to value in the district under ORS § 310.212 (5) exceed 10 percent of the Measure 5 value for the district (before the addition of any value described in ORS § 310.212 (5)); and

(c) There has been no voter approval of a new tax base under section 11, Article XI of the Oregon Constitution (1995 Edition), or other tax levy that would first take effect in a tax year beginning July 1 of 1995, 1996 or 1997 (other than the approval of taxes to pay bonded indebtedness).

(2) Notwithstanding ORS § 310.212, the Measure 47 comparison taxes of a taxing district described in subsection (1) of this section shall be increased by reducing the preliminary reduction percentage in ORS § 310.218 by each percentage point, or fraction thereof, that the additions to value in the district identified in subsection (1)(b) of this section exceed 10 percent. [1997 c.541 § 25a]