2011 ORS § 307.517¹
Criteria for exemption

(1) Property or a portion of the property that meets the following criteria shall be exempt from taxation as provided in ORS 307.515 (Definitions for ORS 307.515 to 307.523) to 307.523 (Time for filing application):

(a) The property:

(A) Is offered for rent; or

(B) Is held for the purpose of developing low income rental housing.

(b) The property, if occupied, is occupied solely by low income persons.

(c) The required rent payment reflects the full value of the property tax exemption.

(d) The exemption has been approved as provided in ORS 307.523 (Time for filing application).

(e) The housing units on the property were constructed after the local governing body adopted the provisions of ORS 307.515 (Definitions for ORS 307.515 to 307.523) to 307.523 (Time for filing application).

(2) For the purposes of subsection (1) of this section, a person that has only a leasehold interest in property is deemed to be a purchaser of that property if:

(a) The person is obligated under the terms of the lease to pay the ad valorem taxes on the real and personal property used in this activity on that property; or

(b) The rent payable has been established to reflect the savings resulting from the exemption from taxation. [1989 c.803 §2; 1997 c.752 §5; 2005 c.94 §36]