(1) If incorporated cities have acquired or acquire title to real property, through foreclosure or settlement of any lien, upon which property taxes have become a lien prior to the acquisition, interest and penalties on the taxes hereby are canceled, but the lien or liens for the taxes shall remain on the property and be satisfied only by full payment of the principal amount thereof. Any lien for taxes attaching to any such real property prior to the execution of the deed to the incorporated city shall be a valid and subsisting lien thereon.
(2) The amendments by subsection (1) of this section do not apply to real property which an incorporated city acquired title to, prior to June 15, 1987, through foreclosure or settlement of any lien, if the incorporated city does not hold title to that property on June 15, 1987.
(3) Nothing in this section shall be construed as affecting the exemption from taxation provided to cities and other municipal corporations by ORS 307.090. [Amended by 1987 c.333 §1]Section: Previous 311.507 311.508 311.510 311.512 311.513 311.514 311.515 311.520 311.525 311.530 311.531 311.540 311.545 311.547 311.550 Next
Last modified: August 7, 2008