ORS 285C.409 Property tax exemption; requirements; duration

A facility of a certified business firm is exempt from ad valorem property taxation:

For the first tax year following the calendar year in which the business firm is certified under ORS 285C.403 or after which construction or reconstruction of the facility commences, whichever occurs later;

For each subsequent tax year in which the facility is not yet in service as of the assessment date; and

For a period of at least seven consecutive tax years but not more than 15 consecutive tax years, as provided in the written agreement between the business firm and the rural enterprise zone sponsor under ORS 285C.403 (3)(c), subject to the requirements of ORS 285C.412. The period described in this paragraph shall commence as of the first tax year in which the facility is in service as of the assessment date.

An exemption under this section may not be allowed for real or personal property that has received a property tax exemption under ORS 285C.170, 285C.175, 307.123 or 307.330.

For each tax year that the facility is exempt from taxation under this section, the county assessor shall:

Enter on the assessment and tax roll, as a notation, the real market value and assessed value of the facility as if the facility were not exempt.

Enter on the assessment and tax roll, as a notation, the amount of tax that would be due if the facility were not exempt.

Indicate on the assessment and tax roll that the property is exempt and is subject to potential additional taxes as provided in ORS 285C.420 by adding the notation “enterprise zone exemption (potential additional tax).”

On or before December 31 of each tax year, the county assessor shall report the values and amount entered on the assessment and tax roll under subsection (3)(a) and (b) of this section, with the name of the certified business firm, facility location and status of exemption under subsection (1) of this section, to the Department of Revenue, the Oregon Business Development Department and the zone sponsor for purposes that include, but are not limited to, the Department of Revenue’s computation of distributions described in ORS 317.131.

The following property is not eligible for exemption from property taxation under this section:

Land.

Any property that existed at the facility on an assessment date before the assessment date for the first tax year for which property of the business firm is exempt under this section.