(2) Notwithstanding subsection (1) of this section, the following adjustments may be made to the real market value during the period described in subsection (1) of this section:
(a) Annual trending or indexing applied to all properties of the same property class in the county, or within clearly defined areas of the county under this chapter.
(b) Annual trending or depreciation factors applied to similar property.
(c) Additions or retirements based upon returns filed under ORS 308.290.
(d) Additions, retirements or economic trending from the annual valuations under ORS 308.505 to 308.674.
(e) Increases directly related to additions, remodeling or rehabilitation made to property.
(f) Changes directly related to subdividing or partitioning the property.
(g) Changes directly related to rezoning the property and using the property consistent with the rezoning.
(h) Property damaged, destroyed or otherwise subject to loss of real market value.
(i) Changes indicated by a subsequent sale of the property.
(3) In the case of state-appraised industrial property as defined in ORS 306.126, subsection (1) of this section does not apply to changes in real market value as a result of:
(a) Annual trending or depreciation factors applied by type of property to industrial or personal property;
(b) Additions or retirements based upon returns filed under ORS 308.290; or
(c) Property damaged, destroyed or otherwise subject to loss of real market value.
(4) If, during the five-year period described in subsection (1) of this section, another order correcting the real market value of the property subject to subsection (1) of this section is entered, subsection (1) of this section shall apply for the five assessment years next following the year the later order is entered. [1989 c.678 §2; 1991 c.459 §198a; 1995 c.650 §65; 1997 c.154 §§45,46; 1997 c.541 §§234,235; 1999 c.579 §28; 2001 c.6 §1; 2015 c.36 §12; 2019 c.380 §1]