(1) Notwithstanding ORS 358.525, whenever property that has received special assessment as historic property under ORS 358.480 to 358.545 thereafter becomes disqualified for historic property assessment as the result of a written notice given by the taxpayer pursuant to ORS 358.515 (1)(a), additional taxes shall be added to the tax extended against the property as prescribed in ORS 358.525 (1), but interest may not be added to the additional taxes if within two years following the date of disqualification:
(a) The property has been classified for special assessment as historic property under ORS 358.480 to 358.545; and
(b) The property owner has spent an amount implementing an approved preservation plan for the property that equals or exceeds five times the amount of interest that would otherwise be payable under ORS 358.525 (1).
(2) If the property owner files a written request with the county assessor, for the period of time from the disqualification of the property until the earlier of the time the assessor determines that the requirements of subsection (1) of this section have been met or two years following the date of disqualification, interest that would otherwise be added to the additional taxes due under ORS 358.525 may not be extended against the property but shall remain a potential liability on the assessment and tax roll. If the assessor determines that the requirements of subsection (1) of this section are met, the interest shall be canceled. If the assessor determines that the requirements of subsection (1) of this section have not been met, the interest shall be added to the tax extended against the property as prescribed in ORS 358.525 (1). [2001 c.540 §12b]
(Change of Classification)
Section: Previous 358.511 358.512 358.514 358.515 358.516 358.520 358.525 358.526 358.528 358.530 358.535 358.540 358.541 358.543 358.545 NextLast modified: August 7, 2008