(b) The amount of the compromise payment must be equitable in consideration of all the facts and circumstances of the transaction in which the purchaser acquired the property.
(2) Upon receipt of the compromise payment, the tax collector shall release the lien for the taxes on the business personal property that was the subject of the purchase transaction.
(3) Notwithstanding receipt of a compromise payment under this section, the total outstanding amount described in subsection (1)(a) of this section, without reduction for the amount of the compromise payment, remains as:
(a) A personal liability of the owner, or person in possession or control of the property, at the time the property was assessed, arising under ORS 311.455.
(b) A lien on property, other than the property that was the subject of the purchase transaction, arising under ORS 311.405 (3).
(4)(a) If the total outstanding amount described in subsection (1)(a) of this section is paid after receipt of a compromise payment, the amount of the compromise payment shall be refunded to the purchaser.
(b) Upon receipt of the total outstanding amount described in subsection (1)(a) of this section, the tax collector shall notify the governing body of the county that a refund is due under this subsection. The refund shall be made without interest in the manner provided in ORS 311.806. [2015 c.444 §7]