Oregon Revised Statutes Chapter 321 § 321.216 — for the applicable land class of the forestland

for the applicable land class of the forestland. (3) For each land class described in ORS 321.210, the forestland maximum assessed value per acre shall equal 103 percent of the forestland assessed value per acre for the preceding tax year or 100 percent of the forestland maximum assessed value per acre for the preceding tax year, whichever is greater. (4)(a) The assessor shall compute the assessed value of forestland by multiplying the acreage of the forestland in each land class by the lesser of: (A) The specially assessed value per acre; or (B) The maximum assessed value per acre. (b) If the forestland being assessed consists of different land classes, the assessed value of the forestland shall be the sum of the assessed values computed for each land class under paragraph (a) of this subsection. (5) Notwithstanding subsection (4) of this section, the forestland shall be assessed as provided in ORS 308.232 if the real market value of the forestland is less than the value established under subsection (4) of this section. (6) For purposes of this section: (a) The department shall certify to the county assessor of a county in which forestland identified in subsection (1) of this section is located a list of the property tax accounts containing forestland so identified. (b) Forestland shall be considered to be in common ownership if the forestland is owned by the person directly or is owned by a corporation, partnership, association or other entity in which the person owns a majority interest. (c) Additional taxes may not be imposed as a result of a disqualification under subsection (1) of this section. (d) The notification requirements and other procedures that the county assessor must follow in disqualifying forestland do not apply to a disqualification occurring under subsection (1) of this section. (e) The department shall notify the county assessor of forestland identified under subsection (1)(a) of this section that is located in that county. [1999 c.1078 §§2,7; 2001 c.860 §2; 2003 c.454 §67]