(1) For purposes of ORS 308.232, the assessed value of rehabilitated residential property shall be not more than its assessed value as it appears in the last certified assessment roll next preceding the date on which the application for limited assessment is filed with the governing body as provided in ORS 308.462. If the certificate of qualification is filed with the assessor as provided in ORS 308.466 after December 31 and before April 1, the limited assessment shall apply with respect to the first assessment roll certified after that date or if the certificate of qualification is filed after April 1 and before January 1, the limited assessment shall apply as of the following January 1, and shall continue to apply for a total of 10 consecutive assessment rolls.
(2) Notwithstanding subsection (1) of this section, if the multifamily rehabilitated residential housing is subject to a low income rental assistance contract with an agency of this state or of the United States, the city may extend the limited assessment provided by ORS 308.450 to 308.481 through December 31 of the assessment year during which the termination date of the contract falls. [1975 c.696 §3; 1979 c.768 §2a; 1981 c.804 §63; 1985 c.320 §2; 1989 c.1051 §9; 1991 c.459 §134; 1997 c.541 §198]
Section: Previous 308.435 308.440 308.450 308.453 308.455 308.456 308.457 308.459 308.460 308.462 308.465 308.466 308.468 308.470 308.471 NextLast modified: August 7, 2008