Oregon Revised Statutes Revenue and Taxation § 308.674

(1) Subject to ORS 308.673, the property of a company described in ORS 308.515 (1) shall be granted an exemption in the amount of the positive value, if any, obtained by subtracting from the real market value of the company's real property and tangible and intangible personal property included in the unit subject to central assessment, reduced by the amount of any exemption elected under ORS 308.671, an amount equal to the historical or original cost of the company's real property and tangible personal property included in the unit subject to central assessment, without reduction for any exemption elected under ORS 308.671, multiplied by 130 percent.

(2) If the amount determined under subsection (1) of this section is not positive, subject to ORS 308.673, the real market value of the company's real property and tangible and intangible personal property included in the unit subject to central assessment, reduced by the amount of any exemption elected under ORS 308.671, shall be the real market value of the company's property for the property tax year.

(3) Notwithstanding subsection (1) of this section, an exemption granted under this section may not exceed an amount equal to 95 percent of the real market value of the company's real property and tangible and intangible personal property included in the unit subject to central assessment.