Oregon Revised Statutes Chapter 307 § 307.155 — and 311.411, if land that is exempt under ORS 307.150 ceases to be used

and 311.411, if land that is exempt under ORS 307.150 ceases to be used or held exclusively for cemetery or crematory purposes, the additional taxes that would otherwise be due under ORS 307.155 (2) shall remain a potential tax liability that is not imposed if: (a) As of the date of sale or other transfer of title to the land, the land is being used or held for the purpose of providing low income housing that will be exempt from ad valorem property taxation under ORS 307.515 to 307.523 or 307.540 to 307.548; and (b) All other requirements set forth in subsections (2) to (5) of this section are met. (2) At the time of recording the deed to the land with the county clerk, the owner of the land shall file with the assessor of the county, and the governing body of the city or county that adopted the low income housing exemption, as applicable, in which the land is located a notice of intent: (a) To apply for the exemption for low income housing under ORS 307.515 to 307.523 or 307.540 to