Oregon Revised Statutes Revenue and Taxation § 307.513

(1)(a) Upon compliance with ORS 307.162, land acquired and held by a nonprofit corporation as defined in ORS 307.130 for the purpose of building on the land one or more residences to be sold to individuals whose income is not greater than 80 percent of area median income, adjusted for family size, as determined by the Housing and Community Services Department, shall be exempt from property taxation.

(b) Notwithstanding paragraph (a) of this subsection, a nonprofit corporation may not claim an exemption for land under this section unless, within the 10 years immediately preceding the filing of a claim pursuant to this section, the nonprofit corporation has sold at least one residence to individuals described in paragraph (a) of this subsection.

(2)(a) The exemption shall be granted to land beginning with the first property tax year for which the nonprofit corporation files a claim for the land under ORS 307.162 and ending on or at the earlier of:

(3)(a) For each property tax year that land is exempt under this section, the county assessor shall indicate on the assessment and tax roll that the land is exempt from property taxation under this section and is subject to potential additional taxes.

(b) If the nonprofit corporation has not transferred title to the residences on the land by the end of the seventh consecutive property tax year for which the land is granted an exemption under this section, or, if the nonprofit corporation has claimed an extension under subsection (2)(b) of this section, by the end of the 10th consecutive property tax year, the land shall be disqualified for the exemption. Additional taxes shall be imposed on the land on the next assessment and tax roll following the disqualification and shall be collected and distributed in the same manner as other ad valorem property taxes.

(c) The additional taxes shall be imposed in an amount equal to the property taxes that were not imposed on the land because of the exemption, plus interest computed at the rate provided under ORS 311.505 (2).

(d) The additional taxes described in this subsection shall be deemed assessed and imposed in the year to which the additional taxes relate.

(e) The amount determined to be due under this subsection may be paid to the tax collector prior to the time of the next general property tax roll, pursuant to the provisions of ORS 311.370.