Oregon Statutes 311.520 – When cities exempt from penalty and interest
(1) If incorporated cities have acquired or acquire title to real property, through foreclosure or settlement of any lien, upon which property taxes have become a lien prior to the acquisition, interest and penalties on the taxes hereby are canceled, but the lien or liens for the taxes shall remain on the property and be satisfied only by full payment of the principal amount thereof. Any lien for taxes attaching to any such real property prior to the execution of the deed to the incorporated city shall be a valid and subsisting lien thereon.
Terms Used In Oregon Statutes 311.520
- City: includes any incorporated village or town. See Oregon Statutes 174.100
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(2) The amendments by subsection (1) of this section do not apply to real property which an incorporated city acquired title to, prior to June 15, 1987, through foreclosure or settlement of any lien, if the incorporated city does not hold title to that property on June 15, 1987.
(3) Nothing in this section shall be construed as affecting the exemption from taxation provided to cities and other municipal corporations by ORS § 307.090. [Amended by 1987 c.333 § 1]