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Oregon Revised Statutes

Or. Rev. Stat. § 358.540 (2026)

Requirements for second term of historic property special assessment

✓ current as of May 2026
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      358.540 Requirements for second term of historic property special assessment. (1) Property classified as historic property under ORS 358.480 to 358.545 is entitled to any other exemption or special assessment provided by law.

      (2) Property that has been certified for special assessment under ORS 358.490 and received special assessment under ORS 358.505 for 10 years, at the completion of the 10-year term, is disqualified from historic property special assessment.

      (3)(a) Notwithstanding subsection (2) of this section, following completion of the initial 10-year period of historic property classification and disqualification under subsection (2) of this section, the owner of property classified as historic property may reapply under ORS 358.487 for one additional 10-year period of special assessment under ORS 358.480 to 358.545.

      (b) Following completion of the second 10-year term of special assessment, the historic property is disqualified from historic property special assessment and is not again eligible for special assessment under ORS 358.480 to 358.545.

      (4) An application filed under subsection (3) of this section must be filed in the manner provided under ORS 358.487 and be accompanied by a preservation plan detailing:

      (a) Improvements to the historic property that:

      (A) Promote compliance with the Americans with Disabilities Act;

      (B) Will result in seismic improvement; or

      (C) Will result in improvements in energy conservation or sustainability;

      (b) The costs associated with the improvements, which costs are in an amount not less than 10 percent of the historic property’s real market value determined as of the date of the application filed under subsection (3) of this section; and

      (c) A schedule of the dates on which work on the improvements will be begun and completed.

      (5)(a) An application filed under subsection (3) of this section may be approved only upon a finding by the State Historic Preservation Officer that the preservation plan submitted with the application pursuant to subsection (4) of this section will, if implemented, result in a significant investment in the historic property that promotes compliance with Americans with Disabilities Act or that results in seismic improvements or improvements in energy conservation or sustainability to the property.

      (b) For residential property, an application filed under subsection (3) of this section that is otherwise in compliance with the application requirements may be approved only if a second term of historic property classification and special assessment is not prohibited under ORS 358.541.

      (6) An application for a second 10-year period of special assessment as historical property shall be certified in accordance with ORS 358.490.

      (7) A determination under ORS 358.490 with respect to an application for a second 10-year period of special assessment as historical property is subject to the notice, certification and filing requirements and review rights described in ORS 358.495.

      (8) The owner of property certified for a second 10-year period of special assessment under this section is subject to the reporting requirements under ORS 358.500.

      (9) Property certified for a second 10-year period of special assessment under this section is subject to penalties upon disqualification as provided by ORS 358.525.

 

      Note: See second note under 358.475.

 

      358.541 [2005 c.549 §2; 2007 c.718 §3; 2009 c.892 §12; repealed by 2025 c.209 §20]

 

      Note: The repeal of 358.541 applies to applications for classification and special assessment under 358.480 to 358.545 filed on or after September 26, 2025, for property tax years beginning on or after July 1, 2026. See sections 20 and 22, chapter 209, Oregon Laws 2025. The text that applies to applications for classification and special assessment under 358.480 to 358.545 filed before September 26, 2025, for property tax years beginning before July 1, 2026, is set forth for the user’s convenience.

Notes of Decisions
Cited in 3 cases, 1999–2020 · leading case: Waldo Block Partners v. Motion for Summary Jud., 16 Or. Tax 33 (Or. T.C. 2002).
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Waldo Block Partners v. Motion for Summary Jud., 16 Or. Tax 33 (Or. T.C. 2002). · cites it 5× “The property’s frozen value shall equal the property’s real market value (or lesser value, if ORS 358.540(1) is applicable) at the time application was made, without any adjustment to value under ORS 358.”
Multnomah Cnty. v. Dep't of Revenue, 15 Or. Tax 5 (Or. T.C. 1999). · cites it 6× “See ORS 358.540 (1993). In 1995, those provisions were reversed.”
Nardi v. Multnomah Cnty. Assessor (Or. T.C. 2020). · cites it 2× “However, ORS 358.540 (2003) provided that property “at the completion of the 15-year term, is disqualified * * *.”
— Or. Rev. Stat. § 358.540(1) — 2 cases
Waldo Block Partners v. Motion for Summary Jud., 16 Or. Tax 33 (Or. T.C. 2002). “The property’s frozen value shall equal the property’s real market value (or lesser value, if ORS 358.540(1) is applicable) at the time application was made, without any adjustment to value under ORS 358.”
Multnomah Cnty. v. Dep't of Revenue, 15 Or. Tax 5 (Or. T.C. 1999). “See ORS 358.540 (1993). In 1995, those provisions were reversed.”
— Or. Rev. Stat. § 358.540(2) — 2 cases
Multnomah Cnty. v. Dep't of Revenue, 15 Or. Tax 5 (Or. T.C. 1999). “See ORS 358.540 (1993). In 1995, those provisions were reversed.”
Nardi v. Multnomah Cnty. Assessor (Or. T.C. 2020). “However, ORS 358.540 (2003) provided that property “at the completion of the 15-year term, is disqualified * * *.”
— Or. Rev. Stat. § 358.540(3) — 2 cases
Waldo Block Partners v. Motion for Summary Jud., 16 Or. Tax 33 (Or. T.C. 2002). “The property’s frozen value shall equal the property’s real market value (or lesser value, if ORS 358.540(1) is applicable) at the time application was made, without any adjustment to value under ORS 358.”
Multnomah Cnty. v. Dep't of Revenue, 15 Or. Tax 5 (Or. T.C. 1999). “See ORS 358.540 (1993). In 1995, those provisions were reversed.”
— Or. Rev. Stat. § 358.540(3)(a) — 2 cases
Waldo Block Partners v. Motion for Summary Jud., 16 Or. Tax 33 (Or. T.C. 2002). “The property’s frozen value shall equal the property’s real market value (or lesser value, if ORS 358.540(1) is applicable) at the time application was made, without any adjustment to value under ORS 358.”
Multnomah Cnty. v. Dep't of Revenue, 15 Or. Tax 5 (Or. T.C. 1999). “See ORS 358.540 (1993). In 1995, those provisions were reversed.”
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