(1) Property within a shipyard capable of dry-docking oceangoing vessels of 200,000 deadweight tons or more and utilized or leased by a sole contractor for the purpose of ship repair, layup, conversion or construction is exempt from ad valorem property taxation.
(2) The public shipyard owner shall notify the county assessor of the date of the lease or other possessory interest agreement with the sole shipyard contractor.
(3) Property subleased by the sole shipyard contractor, or utilized by another person pursuant to a possessory interest agreement with the sole shipyard contractor, is not exempt under this section.
(4) Persons having on January 1 of any year a lease, sublease, rent or preferential assignment or other possessory interest in property that is exempt from taxation under this section are not required to make the payments in lieu of taxes described in ORS 307.120 (2). [2001 c.114 §10]
Note: Section 3, chapter 337, Oregon Laws 1995, provides:
Sec. 3. Section 10 of this 2001 Act [307.111] applies to property tax years beginning on or after July 1, 1995, and before July 1, 2010. [1995 c.337 §3; 2001 c.114 §11]Section: Previous 307.080 307.090 307.092 307.095 307.100 307.107 307.110 307.111 307.112 307.115 307.118 307.120 307.122 307.123 307.125 Next
Last modified: August 7, 2008