Or. Admin. R. 150-285-3400 - Commencement and Duration of Long-Term Nonurban Oregon Enterprise Zone Exemption
(1) For
purposes of ORS 285C.409 and this rule, a
facility is "in service" when a certified business has received a permit to
occupy and use the building for its intended purpose.
(2) All real and personal property including
improvements, machinery, and equipment newly located at the facility are exempt
from ad valorem property tax for a minimum of seven and a maximum of 15
consecutive tax years. The period for the exemption commences with the first
tax year for which the facility was placed in service as of the assessment date
for that tax year. If there is no express written agreement between the
certified business firm and the zone sponsor on the number of tax years for
which the facility is to be exempt, the period for the exemption will be seven
consecutive tax years.
(3) The
following are examples of how to determine the tax year for which the exemption
commences:
Example 1: The property for which
the exemption is claimed was placed in service on November 15, 2002. The first
assessment date after the property was placed in service is January 1, 2003.
Therefore, the exemption commences with the 2003-04 tax year.
Example 2: The property for which the
exemption is claimed was placed in service on February 15, 2003. The first
assessment date after the property was placed in service is January 1, 2004.
Therefore, the exemption commences with the 2004-05 tax year.
Notes
Stat. Auth.: ORS 305.100 & 285C.125
Stats. Implemented: ORS 285C.409
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