(a) The property of the vertical housing development project, other than the land of the project, shall be partially exempt from ad valorem property taxes imposed by local taxing districts, other than the districts that elected not to participate in the vertical housing development zone pursuant to ORS 307.844 (4), as identified in the certification issued under ORS 307.857 (8), in a percentage equal to the lesser of:
(A) 20 percent multiplied by the exemption multiplier for property dedicated to residential uses or low income residential housing, as computed under ORS 307.857 (4)(b) or (c), respectively; or
(B) 80 percent.
(b) The land of the vertical housing development project shall be partially exempt from ad valorem property taxes imposed by local taxing districts, other than the districts that elected not to participate in the vertical housing development zone pursuant to ORS 307.844 (4), in the same percentage determined under paragraph (a) of this subsection, for property in the project dedicated to low income residential housing, as identified in the certification issued under ORS 307.857 (8).
(2) In order for the property of a vertical housing development project to receive the partial property tax exemption described in subsection (1) of this section, the vertical housing development project property owner, project applicant or other person responsible for the payment of property taxes on the project must notify the city or county that the project is occupied or ready for occupancy, and the city or county must notify the assessor of the county in which the project is located, in the manner set forth in ORS 307.512, that the project is occupied or ready for occupancy and has been certified under ORS 307.857. [Formerly 285C.471; 2013 c.193 §§11,18; 2017 c.326 §8; 2021 c.476 §5]