Source: https://law.onecle.com/oregon/358-museums-historical-societies-preservation-of/358.505.html
Timestamp: 2020-07-05 04:14:02
Document Index: 324887515

Matched Legal Cases: ['§6', '§97', '§6', '§63', '§325', '§9', '§80', '§6', '§429', '§8']

Oregon Statutes - Chapter 358 - Museums; Historical Societies; Preservation of Historical and Archaeological Properties and Objects; Oregon Historic Families Database - Section 358.505 - Determination of specially assessed value, maximum assessed value and assessed value of historic property; appeals; rules. - Legal Research
Oregon Statutes - Chapter 358 - Museums; Historical Societies; Preservation of Historical and Archaeological Properties and Objects; Oregon Historic Families Database - Section 358.505 - Determination of specially assessed value, maximum assessed value and assessed value of historic property; appeals; rules.
(1)(a) The county assessor shall, for the 15 consecutive tax years elected under ORS 358.480 to 358.545, list on the assessment and tax roll a specially assessed value for property classified as historic property that equals the assessed value of the property at the time application for classification was made.
(b) Notwithstanding paragraph (a) of this subsection, if the property that is the subject of the application was exempt or specially assessed at the time the application for classification was made, the county assessor shall, for the 15 consecutive tax years elected under ORS 358.480 to 358.545, list on the assessment and tax roll a specially assessed value for the property that equals the product of the real market value of the property for the tax year in which the application was made multiplied by the ratio of the average maximum assessed value over the average real market value for that tax year of property in the same area and property class.
(c) If a reapplication for classification and special assessment filed pursuant to ORS 358.540 (3) is approved under ORS 358.490, the county assessor shall, for 15 consecutive tax years after the date of the filing of the reapplication, list on the assessment and tax roll a specially assessed value for the property that was the subject of the reapplication that equals the product of the real market value of the property for the assessment year in which the reapplication is made multiplied by the ratio of the average maximum assessed value over the average real market value for the assessment year of property in the same area and property class.
(2)(a) For the first tax year of a 15-year period of historic property special assessment, notwithstanding ORS 308.149 (2), the maximum assessed value of property subject to historic property special assessment shall equal the specially assessed value of the property under subsection (1) of this section multiplied by the ratio, not greater than 1.00, of the maximum assessed value the property would have had if the property were not specially assessed over the real market value of the property.
(b) For each tax year after the first tax year in which the property is subject to special assessment as historic property and before the conclusion of the 15-year period of historic property special assessment, the property�s maximum assessed value subject to special assessment shall equal 103 percent of the property�s assessed value from the prior year or 100 percent of the property�s maximum assessed value subject to special assessment from the prior year, whichever is greater.
(3) The assessed value of property that is classified as historic property for the tax year shall equal the lesser of:
(a) The property�s specially assessed value as determined under subsection (1) of this section; or
(b) The property�s maximum assessed value as determined under subsection (2) of this section.
(4) Except as provided under ORS 358.487 (2), the entitlement of property to the special assessment provisions of this section shall be determined as of July 1. If the property becomes disqualified on or after July 1, its assessment for that year shall continue as provided in this section.
(5) Assessed value, as defined and determined under ORS 308.146, shall be determined for property classified as historic property by the county assessor each year. The assessed value so determined for any year shall be subject to appeal to the county board of property tax appeals within the time and in the manner provided in ORS chapter 309 and shall be subject to appeal thereafter to the Oregon Tax Court and to the Oregon Supreme Court within the time and in the manner provided for appeals of value determination for purposes of ad valorem property taxation.
(6) The Department of Revenue, in consultation with the State Historic Preservation Officer, shall adopt rules within its area of expertise that are necessary to the implementation of ORS 358.480 to 358.545. [1975 c.514 §6; 1981 c.804 §97; 1983 c.720 §6; 1985 c.565 §63; 1991 c.459 §325; 1995 c.5 §9; 1995 c.650 §80; 1995 c.693 §6; 1997 c.541 §§429,430; 2001 c.540 §8]
Section: Previous 358.485 358.487 358.490 358.495 358.499 358.502 358.504 358.505 358.506 358.507 358.508 358.509 358.510 358.511 358.512 Next