Oregon Revised Statutes Chapter 307 § 307.227 — Tax

Tax exemption for property to which project grant relates. (1) Upon receipt of the copy of a project grant agreement and ordinance or resolution from the sponsoring jurisdiction under ORS 307.225 (5), the assessor of the county in which eligible housing project property is located shall: (a) Exempt the eligible housing project property in accordance with this section; (b) Assess and tax the nonexempt property in the tax account as other similar property is assessed and taxed; and (c) Submit a written report to the sponsoring jurisdiction setting forth the assessor’s estimate of the amount of: (A) The real market value of the exempt eligible housing project property; and (B) The property taxes on the exempt eligible housing project property that would have been collected if the property were not exempt. (2)(a) The exemption shall first apply to the first property tax year that begins after completion of the eligible housing project to which the grant relates. (b) The eligible housing project property shall be disqualified from the exemption on the earliest of: (A) July 1 of the property tax year immediately succeeding the date on which the fee payment obligation under ORS 307.231 that relates to the eligible housing project, if any, is repaid in full; (B) The date on which the annual fee imposed on the fee payer under ORS 307.231, if any, becomes delinquent; (C) The date on which foreclosure proceedings are commenced as provided by law for delinquent nonexempt taxes assessed with respect to the tax account that includes the eligible housing project; or (D) The date on which a condition specified in ORS 307.233 (1) occurs. (c) After the eligible housing project property has been disqualified from the exemption under this subsection, the property shall be assessed and taxed as other similar property is assessed and taxed. (3) For each tax year that the eligible housing project property is exempt from taxation, the assessor shall enter a notation on the assessment roll stating: (a) That the property is exempt under this section; and (b) The presumptive number of property tax years for which the exemption is granted, which shall be the term of the agency loan agreement relating to the eligible housing project set under ORS 307.216. [2024 c.110 §30; 2025 c.530 §17] Note: See note under 307.213.