Valuation of rehabilitated property not to be increased
- • effect of filing date of certificate
(1) For purposes of ORS 308.232 (Property to be valued at 100 percent real market value and assessed at assessed value), the assessed value of rehabilitated residential property shall be not more than its assessed value as it appears in the last certified assessment roll next preceding the date on which the application for limited assessment is filed with the governing body as provided in ORS 308.462 (Qualifications for limited assessment). If the certificate of qualification is filed with the assessor as provided in ORS 308.466 (Processing applications for limited assessment) after December 31 and before April 1, the limited assessment shall apply with respect to the first assessment roll certified after that date or if the certificate of qualification is filed after April 1 and before January 1, the limited assessment shall apply as of the following January 1, and shall continue to apply for a total of 10 consecutive assessment rolls.
(2) Notwithstanding subsection (1) of this section, if the multifamily rehabilitated residential housing is subject to a low income rental assistance contract with an agency of this state or of the United States, the city may extend the limited assessment provided by ORS 308.450 (Definitions for ORS 308.450 to 308.481) to 308.481 (Extending deadline for completion of rehabilitation project) through December 31 of the assessment year during which the termination date of the contract falls. [1975 c.696 §3; 1979 c.768 §2a; 1981 c.804 §63; 1985 c.320 §2; 1989 c.1051 §9; 1991 c.459 §134; 1997 c.541 §198]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.