(1) All real property within this state and all tangible personal property situated within this state, except as otherwise provided by law, shall be subject to assessment and taxation in equal and ratable proportion. (2) Except as provided in ORS 308.505 to 308.674, intangible personal property is not subject to assessment and taxation. [Amended by 1993 c.353 2; 1997 c.154 28]
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