Oregon Revised Statutes Chapter 307 § 307.866 — Decertification of project; disqualification from exemption; additional taxes

Decertification of project; disqualification from exemption; additional taxes. (1)(a) During the period in which property of a vertical housing development project would otherwise be partially exempt under ORS 307.864 (1)(a), if all or a portion of the project has been decertified under ORS 307.861, the property is disqualified from partial exemption to the extent of the decrease in the exemption multiplier identified under ORS 307.861 (3)(a)(B) or (C) for property in the project dedicated to residential uses or low income residential housing, respectively, as set forth in the notice of decertification. (b) During the period in which the land of a vertical housing development project would otherwise be partially exempt under ORS 307.864 (1)(b), if all or a portion of the project has been decertified under ORS 307.861, the land is disqualified from partial exemption to the same extent as property in the project dedicated to low income residential housing is disqualified, as determined under paragraph (a) of this subsection. (2) Notwithstanding ORS 307.864, there shall be added to the general property tax roll for the tax year next following decertification described in subsection (1) of this section, to be collected and distributed in the same manner as other real property tax, an amount equal to the difference between the taxes assessed against the property and land granted partial exemption under ORS