(1) Whenever any mineral, coal, oil, gas or other severable interest in or part of real property is owned separately and apart from the rights and interests owned in the surface ground of the real property, such minerals, coal, oil, gas or other interest or parts shall not be assessed and taxed.
(2) Notwithstanding subsection (1) of this section, if the property is actively being mined as of the assessment date, the severable interest described in subsection (1) of this section shall be assessed and taxed as real or personal property in accordance with existing law in the name of the owner thereof, separately from the surface rights and interests in the real property and may be sold for taxes in the same manner and with the same effect as other interests in real property are sold for taxes.
(3) Similarly, whenever any building, structure, improvement, machinery, equipment or fixture is owned separately and apart from the land or real property whereon it stands or to which it is affixed, such building, structure, improvement, machinery, equipment or fixture shall be assessed and taxed in the name of the owner thereof.
(4) Nothing in this section shall alter the tax-exempt status of a mining claim described in ORS 307.080. [Amended by 1979 c.689 §9; 1997 c.819 §9]
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