For ad valorem tax purposes, land that is subject to a scenic easement acquired under ORS § 390.332 or a scenic or public easement acquired under ORS § 390.334 shall be valued at its real market value, less any reduction in value caused by the easement, and assessed in accordance with ORS § 308.232. The easements shall be exempt from assessment and taxation as any land owned by the state is so exempt. [1973 c.558 § 7; 1981 c.804 § 98; 1991 c.459 § 393]

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