(1) The value of new construction or additions to property classified and specially assessed as historic property under ORS 358.480 to 358.545 shall be assessed in the same manner as the original historic property under ORS 358.505 if the new construction or additions:
(a) Were included in the preservation plan approved under ORS 358.490; and
(b) Meet the historic rehabilitation standards.
(2) Notwithstanding subsection (1) of this section, new construction or additions may not be specially assessed as historic property if the governing body or the State Historic Preservation Officer, in accordance with ORS 358.500 (4), determines that the new construction or additions are independent structures as determined by use or ownership.
(3) If new construction or additions described in subsection (2) of this section are disqualified for any reason listed in ORS 358.515 (1), the entire property may be disqualified for historic property special assessment. [1983 c.720 §§12,13; 1991 c.459 §329; 1995 c.5 §15; 1995 c.693 §12; 1999 c.314 §87; 2001 c.540 §16; 2007 c.70 §151; 2009 c.892 §13; 2025 c.209 §12]
Note: The amendments to 358.543 by section 12, chapter 209, Oregon Laws 2025, apply to applications for classification and special assessment under 358.480 to 358.545 filed on or after September 26, 2025, for property tax years beginning on or after July 1, 2026. See section 22, chapter 209, Oregon Laws 2025. The text that applies to applications for classification and special assessment under 358.480 to 358.545 filed before September 26, 2025, for property tax years beginning before July 1, 2026, is set forth for the user’s convenience.