Oregon Revised Statutes Revenue and Taxation § 308.673

(1) The property of a company described in ORS 308.515 (1) may be granted an exemption under ORS 308.674 or 308.677, but not under both ORS 308.674 and 308.677.

(2) For any company whose property is eligible for an exemption under both ORS 308.674 and 308.677, the Department of Revenue shall appraise the value of the property under ORS 308.674 and 308.677 for each property tax year and use the provisions of the section that result in the lowest amount of taxable value.