For purposes of determining whether the assessed value of property exceeds the property’s maximum assessed value permitted under section 11, Article XI of the Oregon Constitution:

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(1) ‘Property’ means:

(a) All property included within a single property tax account; or

(b) In the case of property that is centrally assessed under ORS § 308.505 to 308.674, the total statewide value of all property assessed to a company or utility that is subject to ORS § 308.505 to 308.674.

(2) ‘Property tax account’ means the administrative division of property for purposes of listing on the assessment roll under ORS § 308.215 for the tax year for which maximum assessed value is being determined or, in the case of a private railcar company, the administrative division provided under ORS § 308.640. [1997 c.541 § 7; 1999 c.223 § 7]

[1983 c.307 § 2; renumbered 223.322 in 1987]