(1) For purposes of ORS 308.232, the assessed value of rehabilitated residential property shall be not more than its assessed value as it appears in the last certified assessment roll next preceding the date on which the application for limited assessment is filed with the governing body as provided in ORS 308.462. If the certificate of qualification is filed with the assessor as provided in ORS 307.512 and 308.466, the limited assessment shall apply with respect to the first assessment roll certified after that date or if the certificate of qualification is filed after the deadline set forth in ORS 307.512, the limited assessment shall apply as of the following January 1, and shall continue to apply for a total of 10 consecutive assessment rolls. (2) Notwithstanding subsection (1) of this section, if the multifamily rehabilitated residential housing is subject to a low income rental assistance contract with an agency of this state or of the United States, the city may extend the limited assessment provided by ORS 308.450 to 308.481 through December 31 of the assessment year during which the termination date of the contract falls.
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