Current through Register Vol. 63, No. 9, September 1, 2024
(1) The assessor must disqualify property
from special assessment as government restricted multiunit rental housing if:
(a) The property is no longer multiunit
rental housing subject to a government restriction on use; or
(b) An event described in ORS
308.146(3)(b) or
(c) occurs with respect to the multiunit
rental housing; or
(c) The owner
requests disqualification.
(2) The property owner must notify the county
assessor, in writing, within 60 days of a disqualifying event.
(3) Property disqualified from special
assessment must be valued by ordinary appraisal methods in the tax year
immediately following the disqualifying event.
(4) For any tax year following the tax year
of disqualification, a property owner may reapply to the county assessor for
special assessment if:
(a) The multiunit
rental housing property again becomes subject to a government restriction on
use; or
(b) An event described in
ORS 308.146(3)(b) or
(c) caused the disqualification.
(c) The property was voluntarily disqualified
from special assessment and the owner is filing a new application under the
conditions described in the voluntary disqualification rule.
(5) The following penalties apply
if the property owner fails to notify the assessor within 60 days of the
disqualifying event:
(a) If the property is
disqualified because the multiunit rental housing is no longer subject to a
government restriction on use, the penalty is the difference between the taxes
imposed and those that would have been imposed had the property not been
specially assessed, plus any applicable interest.
(b) If the property is disqualified because
new property is constructed or new improvements are made to the qualified
property, no penalty will be charged. The new property or improvements will be
assessed as omitted property.
(c)
If the property is disqualified because of an event described in ORS
308.146(3)(b) or
(c), the penalty is the difference between
the taxes imposed and those that would have been imposed had the property not
been specially assessed, plus any applicable interest.
(d) If the property is disqualified at the
owner's request and none of the disqualifying events in (1)(a) or (1)(b) exist,
there is no penalty.
Stat. Auth.: ORS
305.100
Stats. Implemented: ORS
205.320,
308.027,
308.156,
308.205,
308.234,
308.704,
308.709,
308.712,
308.714,
309.200,
311.806,
309.200 &
457.450
