(1) When property has once been classified and assessed as historic property pursuant to application filed under ORS § 358.487, it remains classified and is granted the special assessment provided by ORS § 358.505 until it becomes disqualified for classification and special assessment by:

(a) Expiration of an initial or second 10-year period of special assessment.

(b) Sale or transfer to a governmental or nonprofit entity that is exempt from property taxation.

(c) The destruction or substantial alteration of the property by acts of nature or other events for which the owner is not responsible.

(d) Initial sale of a condominium as provided in ORS § 358.543 (3)(b).

(e) Written notice by the taxpayer to the assessor to remove the special assessment.

(f) The owner’s failure to maintain, preserve or rehabilitate the property or to comply with the expenditure commitment in accordance with the preservation plan or the historic rehabilitation standards.

(g) The owner’s failure to submit required reports.

(h) Failure of the property to be listed in the National Register of Historic Places either individually or as a contributing resource in a listed historic district or property within two years of certification as required under ORS § 358.487 (4)(b).

(i) The owner’s failure to obtain, or the lapse of, the property insurance required under ORS § 358.487 (2)(d).

(j) The owner’s demolition of the property.

(k) The owner’s substantial alteration of the property in a way that does not meet the historic rehabilitation standards.

(2)(a) When, for any reason, the property or any portion ceases to qualify as historic property, the owner at the time of change shall notify the assessor and the State Historic Preservation Officer of the change prior to the next January 1 assessment date.

(b) The officer makes final determinations of whether historic property is disqualified for special assessment under ORS § 358.487 to 358.543.

(3) Except as provided by subsection (1)(a) of this section, disqualification does not constitute completion of a 10-year period of special assessment certified under ORS § 358.490 or preclude a property’s future special assessment under ORS § 358.487 to 358.543.

(4) The State Historic Preservation Officer shall notify the owner in writing before July 1 of the 10th and final year for which property is certified for special assessment under ORS § 358.490 that the special assessment is due to expire and shall outline the options available to the owner upon disqualification upon expiration of an initial or second 10-year period of special assessment, as applicable.

(5) Upon expiration of an initial or second 10-year period of special assessment, the State Historic Preservation Officer shall notify the owner, the governing body and the county assessor that the term has expired. [1975 c.514 § 7; 1979 c.346 § 1; 1983 c.720 § 8; 1991 c.459 § 326; 1995 c.5 § 11; 1995 c.693 § 8; 1997 c.541 § 434; 2001 c.540 § 11; 2005 c.549 § 3; 2009 c.892 § 9]

[1957 c.196 § 10; repealed by 1957 c.196 § 10]

[Renumbered 390.220]

(Penalty)