Form 150-310-090 - Multi-Unit Rental Housing Special Assessment Application And Election - Or Page 2
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4Oregon Revised Statues
308.701 Definitions for ORS 308.701 to 308.724.
(3)(a) For the first tax year for which property is
assessed under this section, the maximum assessed
As used in ORS 308.701 to 308.724:
value of property subject to special assessment under
(1) “Government restriction on use” means a restric-
this section shall equal the product of the specially
tion that limits the use of multiunit rental housing to
assessed value of the property under subsection (2) of
qualified income rental housing in order to receive a
this section multiplied by the ratio, not greater than
government incentive, including but not limited to the
1.00, of the average maximum assessed value to the
following government incentives:
average real market value of property in the same area
and property class as the specially assessed property.
(a) A low income housing tax credit under section
42 of the Internal Revenue Code;
(b) For each tax year after the first tax year in which
the property is assessed under this section and prior
(b) Financing derived from exempt facility bonds
to any disqualification from special assessment, the
for qualified residential rental projects under section
maximum assessed value of property assessed under
142 of the Internal Revenue Code;
this section shall equal 103 percent of the property’s
(c) A low interest loan under section 235 or 236 of
assessed value from the prior year or 100 percent of
the National Housing Act (12 U.S.C. 1715z or 1715z-1) or
the property’s maximum assessed value from the prior
under 42 U.S.C. 1485;
year, whichever is greater.
(d) A government rent subsidy; and
(c) If omitted property is added to the property
assessed under this section or a lot line adjustment
(e) A government guaranteed loan.
is made to property assessed under this section, the
(2) “Multiunit rental housing”:
maximum assessed value of property subject to special
assessment under this section shall be determined as
(a) Means residential property consisting of four or
prescribed in ORS 308.149 to 308.166, substituting the
more dwelling units; and
specially assessed value under subsection (2) of this
(b) Does not include assisted living facilities. [2001
section for real market value.
c.605 §2]
(4) The assessed value of property subject to special
308.704 Option of owner to choose special assess-
assessment under this section shall equal the lowest
ment. An owner of multiunit rental housing that is sub-
of:
ject to a government restriction on use may choose, at
(a) The specially assessed value of the property
the discretion of the owner, to have the multiunit rental
determined under subsection (2) of this section;
housing assessed under the special assessment pro-
(b) The maximum assessed value of the property
vided in ORS 308.707 or may choose to have the multi-
determined under subsection (3) of this section; or
unit rental housing assessed under the ordinary meth-
ods of assessing property in this state. Multiunit rental
(c) The real market value of the property.
housing that is subject to a government restriction on
(5) For each tax year following the first tax year in
use is not required to be assessed under the special
which property is subject to special assessment under
assessment provided in ORS 308.707. [2001 c.605 §3]
this section, the owner of the multiunit rental housing
308.707 Valuation of multiunit rental prop-
must comply with any requirements prescribed by the
erty subject to special assessment. (1) The specially
Department of Revenue by rule for the continued spe-
assessed value, maximum assessed value and assessed
cial assessment of the property under this section.
value of multiunit rental housing shall be determined
(6) The definitions in ORS 308.149 apply to this
under this section if:
section. [2001 c.605 §4]
(a) The property is subject to a government restric-
308.709 Application procedure; due dates; late
tion on use; and
filing; fee; assessor determination; appeals. (1) An
(b) The owner of the property has filed an applica-
owner of multiunit rental housing seeking to have the
tion for special assessment under ORS 308.709 and that
property assessed under ORS 308.707 must file a writ-
application has been approved.
ten application under this section.
(2) The specially assessed value of property assessed
(2) Except as provided in subsection (3) of this sec-
under this section shall be determined in the manner
tion, an application, and an election form as described in
elected by the property owner under ORS 308.712.
ORS 308.712, must be filed with the county assessor on
Multi-unit app, page 2 of 4
150-310-090 (06-08)
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