(b) During the period in which the land of a vertical housing development project would otherwise be partially exempt under ORS 307.864 (1)(b), if all or a portion of the project has been decertified under ORS 307.861, the land is disqualified from exemption in proportion to the equivalent number of equalized floors that have ceased qualifying as low income residential housing, as set forth in the notice of decertification.
(2) Notwithstanding ORS 307.864, there shall be added to the general property tax roll for the tax year next following decertification described in subsection (1) of this section, to be collected and distributed in the same manner as other real property tax, an amount equal to the difference between the taxes assessed against the property and land granted exemption under ORS 307.864 and the taxes that would have been assessed against the property and land but for the exemption for each of the years, not to exceed the last 10 years, during which the property and land were exempt from taxation under ORS 307.864.
(3) Notwithstanding ORS 307.864, if, after a period of exemption under ORS 307.864 has terminated, the city or county that designated the zone in which the project is located discovers that the property or land of a vertical housing development project was granted exemption to which the project was not entitled, additional taxes may be collected as provided in subsection (2) of this section, except that the number of years for which the additional taxes may be collected shall be reduced by one year for each year that has elapsed since the year the property or land was last granted exemption, beginning with the earliest year for which additional taxes are due.
(4) The assessment and tax rolls shall show potential additional tax liability for all property and land granted exemption under ORS 307.864.
(5) Additional taxes collected under this section shall be deemed to have been imposed in the year to which the additional taxes relate. [2013 c.193 §20; 2017 c.326 §9]
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