ORS 307.168 State land under lease

Notwithstanding ORS 307.110, all land leased by any person from the State Land Board or agency with authority over land under ORS 273.141 is exempt from taxation.

As used in this section “land” means the land itself, above or under water, but does not include:

Any buildings, structures, improvements, machinery, equipment or fixtures erected upon, under, above or affixed to the land; or

Mines, minerals, or quarries in, under or upon the land. The term “land,” however, does include all water rights appertaining to the land.