(a) The deferral of taxes for the assessment year in which the circumstance occurs:
(A) Shall continue for the assessment year if the circumstance occurs on or after September 1.
(B) Shall be discontinued for the assessment year if the circumstance occurs before September 1.
(b) Except as provided in subsection (2) of this section and ORS 311.688, the amounts of deferred property taxes, including accrued interest, for all years shall be due and payable to the Department of Revenue on or before August 15 of the year following the calendar year in which the circumstance occurs.
(2) If the circumstance listed in ORS 311.684 (4) occurs, the amount of deferred taxes is due and payable five days before the date of removal of the property from the state.
(3) If the amounts falling due as provided in this section are not paid on or before the due date, the amounts shall be deemed delinquent as of that date and the property shall be subject to foreclosure as provided in ORS 311.673 or 311.679. [1963 c.569 §16; 1971 c.572 §6; 1977 c.160 §10; 1983 c.550 §8; 1989 c.948 §6; 2011 c.723 §9]