(1) Property classified as historic property under ORS § 358.487 to 358.543 is entitled to any other exemption or special assessment provided by law.

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(2) Property that has been certified for special assessment under ORS § 358.490 and received special assessment under ORS § 358.505 for 10 years, at the completion of the 10-year term, is disqualified from historic property special assessment.

(3)(a) Notwithstanding subsection (2) of this section, following completion of the initial 10-year period of historic property classification and disqualification under subsection (2) of this section, the owner of property classified as historic property may reapply under ORS § 358.487 for one additional 10-year period of special assessment under ORS § 358.487 to 358.543.

(b) Following completion of the second 10-year term of special assessment, the historic property is disqualified from historic property special assessment and is not again eligible for special assessment under ORS § 358.487 to 358.543.

(4) An application filed under subsection (3) of this section must be filed in the manner provided under ORS § 358.487 and be accompanied by a preservation plan detailing:

(a) Improvements to the historic property that:

(A) Promote compliance with the Americans with Disabilities Act;

(B) Will result in seismic improvement; or

(C) Will result in improvements in energy conservation or sustainability;

(b) The costs associated with the improvements, which costs are in an amount not less than 10 percent of the historic property’s real market value determined as of the date of the application filed under subsection (3) of this section; and

(c) A schedule of the dates on which work on the improvements will be begun and completed.

(5)(a) An application filed under subsection (3) of this section may be approved only upon a finding by the State Historic Preservation Officer that the preservation plan submitted with the application pursuant to subsection (4) of this section will, if implemented, result in a significant investment in the historic property that promotes compliance with Americans with Disabilities Act or that results in seismic improvements or improvements in energy conservation or sustainability to the property.

(b) For residential property, an application filed under subsection (3) of this section that is otherwise in compliance with the application requirements may be approved only if a second term of historic property classification and special assessment is not prohibited under ORS § 358.541.

(6) An application for a second 10-year period of special assessment as historical property shall be certified in accordance with ORS § 358.490.

(7) A determination under ORS § 358.490 with respect to an application for a second 10-year period of special assessment as historical property is subject to the notice, certification and filing requirements and review rights described in ORS § 358.495.

(8) The owner of property certified for a second 10-year period of special assessment under this section is subject to the reporting requirements under ORS § 358.500.

(9) Property certified for a second 10-year period of special assessment under this section is subject to penalties upon disqualification as provided by ORS § 358.525. [1975 c.514 § 10; 1983 c.720 § 10; 1995 c.5 § 14; 1995 c.693 § 11; 2001 c.540 § 15; 2005 c.549 § 1; 2007 c.718 § 2; 2009 c.892 § 11]

See note under 358.487.