(1)(a) Except as provided in paragraph (b) of this subsection, for property granted special assessment as historic property under ORS 358.480 to 358.545, the county assessor shall list on the assessment and tax roll for 10 consecutive tax years a specially assessed value that equals the real market value of the property on the last certified assessment and tax roll as of the date of application. (b) Work not included in the preservation plan required under ORS 358.487 (2)(a) but undertaken on property within the same property tax account shall be assessed and taxed as other property similarly situated is assessed and taxed. (2)(a)(A) Except as provided in subparagraph (B) of this paragraph, for the first property tax year of a 10-year period of historic property special assessment, the maximum assessed value of the historic property shall equal the specially assessed value of the historic property as determined under subsection (1) of this section multiplied by the ratio, not greater than 1.00, of the maximum assessed value the historic property would have had from the prior year if the property were not specially assessed as historic property over the real market value of the historic property from the prior year. (B) If the property was specially assessed or exempt in the prior year, for the first property tax year of a 10-year period of historic property special assessment, the maximum assessed value of the historic property shall equal the specially assessed value of the historic property multiplied by the ratio of the maximum assessed value the historic property would have had if disqualified from the special assessment or exemption in the prior year over the real market value of the property from the prior year. (b) For each property tax year after the first property tax year during which the property is specially assessed as historic property, the historic propertys maximum assessed value shall equal 103 percent of the propertys assessed value from the prior year or 100 percent of the propertys maximum assessed value from the prior year, whichever is greater. (3) The assessed value of property that is specially assessed as historic property for a property tax year shall equal the least of: (a) The historic propertys specially assessed value as determined under subsection (1) of this section; (b) The historic propertys maximum assessed value as determined under subsection (2) of this section; or (c) The historic propertys real market value as of the assessment date for the tax year. (4) The eligibility of property for special assessment under ORS 358.480 to 358.545 shall be determined as of July 1. If the property becomes disqualified on or after July 1, its assessment for that property tax year shall continue as provided in this section. (5) Assessed value, as defined and determined under ORS 308.146, shall be determined for property specially assessed as historic property by the county assessor for each property tax year. The assessed value so determined for any property tax year shall be subject to appeal to the county property value appeals board within the time and in the manner provided in ORS chapter 309 and shall be subject to appeal to the Oregon Tax Court and to the Oregon Supreme Court within the time and in the manner provided for appeals of value determination for purposes of ad valorem property taxation. Note: The amendments to 358.505 by section 7, chapter 209, Oregon Laws 2025, apply to applications for classification and special assessment under 358.480 to 358.545 filed on or after September 26, 2025, for property tax years beginning on or after July 1, 2026. See section 22, chapter 209, Oregon Laws 2025. The text that applies to applications for classification and special assessment under 358.480 to 358.545 filed before September 26, 2025, for property tax years beginning before July 1, 2026, is set forth for the users convenience. 358.505. (1)(a) Except as provided in paragraphs (b) and (c) of this subsection, for property certified for special assessment as historic property under ORS 358.490, the county assessor shall for 10 consecutive tax years list on the assessment and tax roll a specially assessed value that equals the real market value of the property at the time application was made under ORS 358.487. (b) If the property certified for special assessment as historic property is a condominium unit being assessed upon initial sale by the developer, the county assessor shall for the tax years of the remaining term of historic property special assessment list on the assessment and tax roll a specially assessed value that equals the real market value of the property for the tax year in which the initial sale took place. (c) For property certified under ORS 358.490 for a second term of special assessment as historic property under ORS 358.540, the county assessor shall, for 10 consecutive tax years after the date of the filing of the application under ORS 358.487 for the second term, list on the assessment and tax roll a specially assessed value that equals the real market value of the property for the assessment year in which the application is made. (2)(a)(A) Notwithstanding ORS 308.149 (2), and except as provided in subparagraph (B) of this paragraph, for the first tax year of an initial or second 10-year period of historic property special assessment, the maximum assessed value of property subject to historic property special assessment shall equal the specially assessed value of the property as determined under subsection (1) of this section multiplied by the ratio, not greater than 1.00, of the maximum assessed value the property would have had from the prior year if the property were not specially assessed over the real market value of the property from the prior year. (B) If the property was specially assessed or exempt in the prior year, for the first tax year of an initial or second 10-year period of historic property special assessment, the maximum assessed value of the property subject to historic property special assessment shall equal the specially assessed value of the property multiplied by the ratio of the maximum assessed value the property would have had if disqualified from the special assessment or exemption in the prior year over the real market value of the property from the prior year. (b) For each tax year after the first tax year during which the property is subject to special assessment as historic property, the propertys maximum assessed value equals 103 percent of the propertys assessed value from the prior year or 100 percent of the propertys maximum assessed value from the prior year, whichever is greater. (3) The assessed value of property that is classified as historic property for the tax year shall equal the least of: (a) The propertys specially assessed value as determined under subsection (1) of this section; (b) The propertys maximum assessed value as determined under subsection (2) of this section; or (c) The propertys real market value as of the assessment date for the tax year. (4) The entitlement of property to the special assessment provisions of this section shall be determined as of July 1. If the property becomes disqualified on or after July 1, its assessment for that year shall continue as provided in this section. (5) Assessed value, as defined and determined under ORS 308.146, shall be determined for property classified as historic property by the county assessor each year. The assessed value so determined for any year shall be subject to appeal to the county property value appeals board within the time and in the manner provided in ORS chapter 309 and shall be subject to appeal thereafter to the Oregon Tax Court and to the Oregon Supreme Court within the time and in the manner provided for appeals of value determination for purposes of ad valorem property taxation. Note: See second note under 358.475.
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