Form 150-310-021 - Application For Construction-In-Process Enterprise Zone Exemption Page 2
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1
2OREGON REVISED STATUTE (ORS)
ORS 285C.170,
Construction-in-process exemption
(1) Property shall be exempt from ad valorem property taxation
(2) Property may be exempt under this section for no more than
under this section if:
two tax years, which must be consecutive.
(3) In determining whether property is exempt under this section,
(a) The property is located in an enterprise zone;
(b) The property is owned or leased by an authorized business
the county assessor:
firm or the business firm is contractually obligated to own or lease the
(a) Shall adhere to the same procedures as apply under ORS
property upon the property’s being placed in service;
285C.175 (6) and (7); and
(c) The property is or, upon completion of the construction, addi-
(b) May require the submission of additional evidence by the autho-
rized business firm or zone sponsor showing that the property qualifies
tion, modification or installation of the property, will be qualified
property;
for exemption under this section. If required, the additional evidence
(d) The authorization of the business firm remains active under
must be submitted on or before April 1 of the assessment year.
ORS 285C.140 or 285C.165;
(4) The exemption under this section does not depend on the prop-
(e) The property has not been subject to exemption under ORS
erty or the authorized business firm receiving the exemption under
ORS 285C.175 or satisfying requirements applicable to the exemption
307.330 at the location;
(f) The property is not and will not be centrally assessed under ORS
under ORS 285C.175.
308.505 to 308.665;
(5) A year in which property is exempt under this section shall be
(g) The property is not to be operated as all or a part of a hotel,
considered a year in which the property is exempt under ORS 307.330
for purposes of determining the maximum number of years for which
motel or destination resort; and
the property may be exempt under this section or ORS 307.330. [2003
(h) There is no known reason to conclude that the property or the
firm will not satisfy any applicable requirements for the property to be
c.662 §34b]
exempt under ORS 285C.175 upon being placed in service.
150-310-021 (Rev. 10-10)
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