(1) The assessor shall compute and list the value and compute and list the amount of tax which would have been charged on each property receiving an exemption under ORS § 307.242 had the property not received an exemption. On or before October 15, the county assessor shall certify the total amounts so computed for each county to the Department of Revenue and to the county treasurer.

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(2) Not later than November 15, the Department of Revenue shall pay to each county treasurer the amount certified under subsection (1) of this section, less any discount provided in ORS § 311.505. The payments made by the department under this section shall be made from the suspense account referred to in ORS § 307.248. If necessary, the payments may be prorated as provided in ORS § 307.248.

(3) Payments made by the department to the various county treasurers under this section shall be distributed to the taxing units of the county in accordance with the schedule of percentages computed under ORS § 311.390. [1977 c.411 § 4; 1977 c.761 § 6; 1985 c.761 § 29; 1991 c.459 § 51; 2001 c.753 § 23]