Oregon Revised Statutes Chapter 308 § 308.714 — Disqualification; notification requirements; penalties; rules; reapplication;

Disqualification; notification requirements; penalties; rules; reapplication; new property or new improvements. (1) An owner of property assessed under ORS 308.707 must notify the county assessor if: (a) The property is no longer multiunit rental housing that is subject to a government restriction on use; (b) New property is constructed at the location of the multiunit rental housing, or new improvements are made to the multiunit rental housing; (c) An event described in ORS 308.146 (3)(b) or (c) occurs with respect to the multiunit rental housing; or (d) The owner chooses not to have the property assessed under ORS 308.707. (2) The notification must be made within 60 days following the date on which the circumstance described in subsection (1) of this section occurred. (3) The notification must be made in writing and must indicate the date on which the circumstance described in subsection (1) of this section occurred. (4) The Department of Revenue may by rule prescribe penalties to be imposed on a property owner if notification is not made as required by subsections (1) to (3) of this section. (5)(a) Property shall be disqualified from special assessment under ORS 308.707 as of the tax year immediately following any change, event or choice described in subsection (1)(a), (c) or (d) of this section. (b) Following disqualification for any change or event described in subsection (1)(a) or (c) of this section, a property owner may apply for special assessment pursuant to ORS 308.709. (c) Following disqualification for a choice described in subsection (1)(d) of this section, a property owner may reapply only once for special assessment pursuant to ORS