(1) Upon compliance with ORS 307.289, there shall be exempt from taxation up to $60,000 of the assessed value of the homestead of any resident of this state who is:
(a) Serving in the Oregon National Guard, military reserve forces or organized militia of any other state or territory of the United States; and
(b) Performing service:
(A) Under Title 10 of the United States Code or pursuant to a deployment made under the authority of the Emergency Management Assistance Compact; and
(B) For more than 178 consecutive days, if at least one of the days falls within the tax year for which the exemption is claimed.
(2) For each tax year beginning on or after July 1, 2006, the amount of the exemption allowed under subsection (1) of this section shall equal 103 percent of the amount of the exemption for the prior tax year.
(3) As used in this section, “homestead” means residential property that is owned by a person described in subsection (1) of this section and that, but for military service, would be occupied as a residence by the person. [2005 c.520 §3; 2007 c.604 §1]
Note: Section 5, chapter 520, Oregon Laws 2005, provides:
Sec. 5. ORS 307.286 applies to qualifying persons ordered to federal active duty or deployed under the authority of the Emergency Management Assistance Compact on or after January 1, 2005, and property for which an exemption is claimed for tax years beginning on or after July 1, 2005. [2005 c.520 §5; 2007 c.604 §3]
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