Or. Rev. Stat. » Oregon Revised Statutes

Or. Rev. Stat. § 308.674

Exemption equal to difference between real market value of company’s centrally assessable property and 130 percent of cost of company’s centrally assessable real and tangible personal property; limitations; exclusivity

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      308.674 Exemption equal to difference between real market value of company’s centrally assessable property and 130 percent of cost of company’s centrally assessable real and tangible personal property; limitations; exclusivity. (1) The property of a company described in ORS 308.515 (1) shall be granted an exemption in the amount of the positive value, if any, obtained by subtracting from the real market value of the company’s real property and tangible and intangible personal property included in the unit subject to central assessment, reduced by the amount of any exemption elected under ORS 308.671, an amount equal to the historical or original cost of the company’s real property and tangible personal property included in the unit subject to central assessment, without reduction for any exemption elected under ORS 308.671, multiplied by 130 percent.

      (2) If the amount determined under subsection (1) of this section is not positive, the real market value of the company’s real property and tangible and intangible personal property included in the unit subject to central assessment, reduced by the amount of any exemption elected under ORS 308.671, shall be the real market value of the company’s property for the property tax year.

      (3) Notwithstanding subsection (1) of this section, an exemption granted under this section may not exceed an amount equal to 95 percent of the real market value of the company’s real property and tangible and intangible personal property included in the unit subject to central assessment.

      (4)(a) If the property of a company is granted an exemption under this section for a property tax year, the property is not eligible for any other exemption from ad valorem property taxation for the property tax year.

      (b) Notwithstanding paragraph (a) of this subsection:

      (A) An exemption granted under ORS 308.671 to property that is granted an exemption under this section shall be allowed in the manner provided under this section and ORS 308.671.

      (B) An exemption granted under this section for a property tax year has no effect on the benefits that the property of the company or the company may be granted under ORS chapter 285C or ORS 307.123 for the property tax year. [2015 c.23 §3; 2019 c.164 §3]

 

      Note: Section 11, chapter 23, Oregon Laws 2015, provides:

      Sec. 11. (1) ORS 308.518 and 308.519 and the amendments to ORS 308.505 and 308.516 by sections 7 and 9, chapter 23, Oregon Laws 2015, apply to property tax years beginning on or after July 1, 2015.

      (2) The amendments to ORS 308.671 by section 4, chapter 23, Oregon Laws 2015, apply to property tax years beginning on or after July 1, 2016.

      (3) ORS 308.674 applies to property tax years beginning on or after July 1, 2016, and before July 1, 2030. [2015 c.23 §11; 2019 c.164 §4; 2019 c.578 §5; 2023 c.398 §6]

 

      308.675 [1975 c.655 §2; 1977 c.679 §2; repealed by 1997 c.541 §215a]

 

      308.677 [2015 c.23 §5; 2015 c.31 §7; repealed by 2019 c.164 §1]

 

      308.680 [1975 c.655 §3; 1977 c.679 §3; 1991 c.459 §160; repealed by 1997 c.541 §215a]

 

      308.681 [2015 c.23 §6; repealed by 2019 c.164 §1]

 

      308.685 [1975 c.655 §4; 1977 c.679 §4; 1979 c.350 §8; 1985 c.524 §2; 1991 c.459 §161; 1993 c.18 §71; repealed by 1997 c.541 §215a]

 

      308.690 [1975 c.355 §2; 1977 c.811 §3; 1979 c.534 §2; repealed by 1991 c.459 §184]

 

      308.695 [1975 c.355 §3; repealed by 1991 c.459 §184]

 

      308.700 [1975 c.355 §4; 1981 c.804 §68; 1985 c.613 §20; repealed by 1991 c.459 §184]

 

MULTIUNIT RENTAL HOUSING SUBJECT TO GOVERNMENT RESTRICTION ON USE

Notes of Decisions
Cited in 4 cases (3 in the last 5 years), 2019–2025 · leading case: Level 3 Communications LLC III v. Dept. of Rev.
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Level 3 Communications LLC III v. Dept. of Rev. (2019) ortc “34 Second, in 2015, the legislature adopted an exemption for a portion of the real market value of a centrally assessed com- pany’s property; the exemption generally applies to the extent that the aggregate value of the real property, tangible per- sonal property and intangible…”
PacifiCorp v. Dept. of Rev. (2025) or “See ORS 308.674 (authorizing exemption based in part on “real market value” of centrally assessed businesses).”
Delta Air Lines, Inc. v. Dept. of Rev. (2023) ortc · cites it 2× “505(14)(c) (excluding, generally, “items of intangible property that represent” stocks and bonds from definition of “property”) (emphasis added); 17 ORS 308.674(1) (capping overall real market value by reference to the cost of “real property and tangible personal property”)…”
PacifiCorp v. Dept. of Rev. (2025) or “See ORS 308.674 (authorizing exemption based in part on “real market value” of centrally assessed businesses).”
— Or. Rev. Stat. § 308.674(1) — 1 case
Delta Air Lines, Inc. v. Dept. of Rev. (2023) ortc “505(14)(c) (excluding, generally, “items of intangible property that represent” stocks and bonds from definition of “property”) (emphasis added); 17 ORS 308.674(1) (capping overall real market value by reference to the cost of “real property and tangible personal property”)…”
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