(1) The county shall establish a separate tax
account for project investments (for example A-1 account for buildings and M
& E, and when applicable, a separate personal property account).
(2) Value not defined in the eligible project
is taxable in addition to the trended base (assessable portion of the eligible
project).
(3) The agreement between
the company and the county governing body shall state that the company shall
file with the Department of Revenue the information required by ORS
308.285-308.290 on the annual industrial
property return as if the property were taxable.
(4) The Department of Revenue shall be
responsible for the following:
(a)
Accumulating the invested cost on the eligible project from data provided by
the company on their industrial property return.
(b) Determining the RMV of buildings,
machinery and personal property identified as part of the eligible
project.
(c) Transmitting the above
data to the counties.
(5) The county assessor shall be responsible
for:
(a) Determining the trended base at three
percent annually (for example $100 million the first year, $103 million the
second year).
(b) Allocating the
trended base of the eligible project per ORS
307.123(2)(a).
(c) Determining the exempt value.
(6) The county assessor and
governing body shall be responsible for determining the amount of the community
services fee and establishing procedures for the billing, collection and
distribution of the community services fee. Enforcement of the contracts or
other agreements shall be the sole responsibility of the parties to the
contract.
(7) Examples:
NOTE: All numbers in the following examples are shown in
millions.
Example 1: The eligible project is a $250 million investment on
a previously undeveloped property.
Eligible investment(RMV) - $250
First $100 million of investment (taxable) - $100
Exempt value of the eligible investment - $150
Example 2: Eligible project includes a $500 million addition to
an existing property with a $200 million value:
Eligible investment (RMV) - $500
First $100 million of investment (taxable) - $100
Exempt value of the eligible investment - $400
Taxable value ofthe eligible project - $100
RMV of existing property - + $200
0 Total taxable value of the property - $300
Notes
Or. Admin. Code §
150-307-0100
RD 1-1994, f.
6-21-94, 7-1-94, Renumbered from 150-307.110; RD 6-1994, f. 12-15-94, cert. ef.
12-30-94; RD 1-1995, f. 12-29-95, cert. ef. 12-31-95; RD 9-1997, f. & cert.
ef. 12-31-97; Renumbered from 150-307.123,
REV
53-2016, f. 8-13-16, cert. ef.
9/1/2016;
REV
17-2020, minor correction filed 09/25/2020, effective
9/25/2020
Statutory/Other Authority: ORS
305.100
Statutes/Other Implemented: ORS
307.123
