(1) Whenever any of the circumstances listed in ORS § 311.684 occurs:

(a) The deferral of taxes for the assessment year in which the circumstance occurs shall continue for the assessment year if:

(A) The circumstance occurs on or after October 31.

(B) The circumstance is listed in ORS § 311.684 (1) or (3) and occurs on or after September 1 and before October 31.

(b) The deferral of taxes for the assessment year in which the circumstance occurs shall be discontinued for the assessment year if:

(A) The circumstance occurs before September 1.

(B)(i) The circumstance is listed in ORS § 311.684 (2) or (4) and occurs on or after September 1 and before October 31;

(ii) An amount in guaranteed funds sufficient to cover all taxes, interest and recording fees that have accrued as of the date of the payment is received before October 31;

(iii) The taxpayer waives the right under ORS § 311.690 (3) to object to a third-party payment of the deferred property tax lien; and

(iv) The taxpayer requests a release or satisfaction of the deferred property tax lien as described in ORS § 311.690 (5).

(2) Except as provided in subsection (3) of this section and ORS § 311.688, the amounts of deferred property taxes, including accrued interest, for all years shall be due and payable to the Department of Revenue on or before August 15 of the year following the calendar year in which the circumstance occurs.

(3) If the circumstance listed in ORS § 311.684 (4) occurs, the amount of deferred taxes is due and payable five days before the date of removal of the property from the state.

(4) If the amounts falling due as provided in this section are not paid on or before the due date, the amounts shall be deemed delinquent as of that date and the property shall be subject to foreclosure as provided in ORS § 311.673 or 311.679. [1963 c.569 § 16; 1971 c.572 § 6; 1977 c.160 § 10; 1983 c.550 § 8; 1989 c.948 § 6; 2011 c.723 § 9; 2022 c.12 § 1]