Oregon Revised Statutes Revenue and Taxation § 308.341

(1) If the real market value of any real property is reduced by reason of the adoption of or a change in the comprehensive plan, zoning ordinance or zoning designation for the property not at the request of the owner, the owner on the date of the adoption or change may file a claim for exemption with the assessor. The claim shall be filed on or before April 1 of any year, but not later than two years after April 1 of the calendar year in which the real market value was so reduced. The claim shall be on forms furnished by the assessor and approved by the Department of Revenue.

(2) The assessor shall compute the difference in real market value attributable to such reduction, between the real market value of the property as of the July 1 assessment date for which the real market value was so reduced, and the real market value as of the July 1 immediately prior to such reduction. Beginning in the year in which the claim is filed and for four consecutive years thereafter, the assessor shall assess the property at a value equal to the real market value of the property as of July 1 less the difference in the real market value of the property attributable to the reduction. In no case shall the taxable value be reduced below zero. The assessor shall notify the person in whose name the property is assessed of the amount of the reduction in value and of the approximate dollar amount of tax reduction, based upon the tax rate extended against the property on the last tax roll. The notice shall be mailed to the address of the person as indicated on the claim for exemption.

(3) No claims for assessment under this section may be filed for tax years beginning on or after July 1, 1997.

(4) All property assessed under this section for the tax year beginning July 1, 1996, is disqualified from assessment under this section for tax years beginning on or after July 1, 1997. No additional taxes may be imposed as the result of a disqualification under this subsection.

(5) In the case of property that was first subject to assessment under this section for the tax year beginning July 1, 1996: