(2) Except as provided in subsection (4) of this section, to obtain the exemption under this section, the lessee, sublessee or entity in possession must file a claim for exemption with the county assessor, verified by the oath or affirmation of the president or other proper officer of the institution or organization, or head official of the public body or the legally authorized delegate of the head official, showing:

(a) A complete description of the property for which exemption is claimed.

(b) All facts relating to the ownership or purchase of the property.

(c) All facts relating to the use of the property by the lessee, sublessee or entity in possession.

(d) A true copy of the lease, sublease or other grant of use and possession covering the property for which exemption is claimed.

(e) Any other information required by the claim form.

(3)(a) The claim required under subsection (2) of this section must be filed on or before April 1 preceding the tax year for which the exemption is claimed, except:

(A) If the lease, sublease or other grant of use and possession is entered into after March 1 but not later than June 30, the claim must be filed within 30 days after the date the lease, sublease or other grant of use and possession is entered into if the exemption is claimed for the assessment year beginning on the preceding January 1; or

(B) If a late filing fee is paid in the manner provided in ORS 307.162 (2), the claim may be filed within the time specified in ORS 307.162 (2).

(b) The exemption first applies for the tax year beginning July 1 of the year for which the claim is filed. The exemption continues as long as the ownership and use of the property remain unchanged and during the period of the lease, sublease or other grant of use and possession. If either the ownership or use changes, a new claim must be filed as provided in this section. If the lease, sublease or other grant of use and possession expires before July 1 of any year, the exemption terminates as of January 1 of the same calendar year.

(4)(a) In lieu of filing a claim under subsection (2) of this section, the lessor, sublessor or person granting the use and possession of property that is exempt from taxation under ORS 307.040 or 307.090 to a lessee, sublessee or entity the property of which is eligible for exemption under ORS 307.040 or 307.090 must provide the assessor of the county in which the property is located with the following information as soon as practicable after execution of a lease, sublease or other grant of use and possession of the property:

(A) The name and address of the lessee, sublessee or possessor;

(B) Upon request of the assessor, a copy of the lease, sublease or other grant of use and possession of the property; and

(C) The location of the property.

(b) Upon compliance with paragraph (a) of this subsection, the property is exempt from taxation under this section during the term of the lease, sublease or other grant of use and possession. [1977 c.884 §26 (enacted in lieu of 307.164); 1991 c.459 §45; 1993 c.104 §1; 1997 c.154 §1; 1997 c.541 §107; 1999 c.579 §19; 2009 c.626 §3; 2011 c.655 §3; 2013 c.193 §15; 2017 c.554 §2]