Oregon Revised Statutes Chapter 307 § 307.330 — shall be listed for ad valorem property taxation, but the assessor

shall be listed for ad valorem property taxation, but the assessor shall cancel the assessment for any assessment year upon receipt of sufficient documentary proof that the property meets all of the conditions contained in ORS 307.330. Such proof shall be filed with the assessor on or before April 1 of such year. No cancellation of assessment shall be made unless the required proof is filed within the time prescribed by this section. Any cancellation of assessment will be abated as to any nonmanufacturing property that is used or occupied within one year from the time construction commences and the assessor shall proceed to correct the assessment and tax roll or rolls from which the property was omitted from taxation, in the manner provided in ORS 311.216 to 311.232. (2) If the proof required by subsection (1) of this section relates to state-appraised industrial property as defined in ORS 306.126 and is filed with the Department of Revenue within the time required by subsection (1) of this section, the proof shall be deemed timely filed with the assessor. [1959 c.246 §2; 1967 c.51 §2; 1971 c.284 §2; 1991 c.459 §56; 1993 c.270 §77; 1997 c.541 §118; 2015 c.36 §8] (Temporary provisions relating to exemption or deferral for certain industrial improvements newly constructed or installed in rural area) Note: Sections 1 to 7, chapter 112, Oregon Laws 2016, provide: Sec. 1. (1) As used in sections 1 to 5, chapter 112, Oregon Laws 2016: (a) “Eligible location” means land and improvements that are located in a rural area. “Eligible location” includes a location that has not formerly been used for industrial purposes. (b) “Eligible property” means improvements classified as industrial under rules established by the Department of Revenue pursuant to ORS 308.215 (1)(a)(C), and associated personal property, whether appraised by the county or by the Department of Revenue, that: (A) Are newly constructed or installed at an eligible location; and (B) Have a cost of initial investment to the purchaser of at least $1 million and not more than $25 million. (c) “Qualified property” means eligible property for which an application has been approved under section 2, chapter 112, Oregon Laws 2016. (d) “Rural area” means an area located in unincorporated territory, or in a city with a population of less than 40,000, that is located entirely outside of the urban growth boundaries of any and all cities with populations of 40,000 or more, as the urban growth boundaries are acknowledged on the date on which an applicant submits an application for eligible property under section 2, chapter 112, Oregon Laws 2016. (2)(a) The governing body of a city or county may adopt an ordinance or resolution granting a property tax exemption for eligible property located within the boundaries of the city or county, respectively. (b) The terms of the exemption must conform to the provisions of sections 1 to 5, chapter 112, Oregon Laws 2016. In addition, an ordinance or resolution adopted under this subsection shall establish standards for the imposition of conditions described in section 2 (4), chapter 112, Oregon Laws 2016. (3)(a) Qualified property must be: (A) Owned or leased by the applicant filing the application under section 2, chapter 112, Oregon Laws 2016. (B) Used through the final year of exemption for the purpose, and at the location, identified in the application filed under section 2, chapter 112, Oregon Laws 2016. (b) The exemption: (A) May be granted to eligible property only if the first assessment year to which the application filed under section 2, chapter 112, Oregon Laws 2016, relates is the first assessment year that begins after the eligible property was first placed in service; and (B) Shall be granted only for qualified property that was first placed in service after the ordinance or resolution was adopted. (4)(a) The exemption shall be granted as a 100 percent exemption of the real market value of the qualified property for any three out of five consecutive property tax years. (b) Notwithstanding paragraph (a) of this subsection, the city or county may specify in the ordinance or resolution: (A) A minimum cost of initial investment greater than $1 million. (B) Any number of years not greater than five for which the exemption shall be granted. (C) The percentage of the real market value of the qualified property granted exemption for each year. (D) Different schedules in each property tax year for the years and percentages described in subparagraphs (B) and (C) of this paragraph, depending on the minimum costs of initial investment of the qualified property. (5)(a) An ordinance or resolution adopted pursuant to this section may not take effect unless, upon request of the city or county that adopted the ordinance or resolution, the rates of taxation of the taxing districts whose governing bodies agree to grant the exemption, when combined with the rate of t