(1) If the limited liability company is wholly owned by one or more nonprofit corporations or entities whose property is exempt from taxation under ORS 307.090;
(2) If the property, if held directly by each of the nonprofit corporation owners of the limited liability company, would qualify for the exemption or special assessment; and
(3) Only to the least extent that the property would be granted exemption or special assessment in the hands of any of the nonprofit corporation owners of the limited liability company. [2005 c.688 §2; 2017 c.445 §1]