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(1) Property for which an application for a property tax exemption has been approved under the provisions of sections 2.910 to 2.922 shall be exempt from ad valorem taxation for one tax year beginning on or after July 1 of the year immediately following the calendar year in which construction is completed, determined by that stage in the construction process when, pursuant to ORS 307.330, the property would have gone on the tax rolls in the absence of the exemption. The exemption provided for herein shall be in addition to any other exemption provided by law.

(2) Applications for property tax exemption under section 2.912 shall apply to and may be approved for tax years beginning before July 1, 2014.

(Section 2.920 added by Ordinance No. 19595, enacted February 13, 1989, effective March 15, 1989; amended by Ordinance No. 19854, enacted May 26, 1992; Ordinance 19967, enacted June 13, 1994; and Ordinance No. 20472 enacted April 13, 2011, effective May 15, 2011.)