12.25.015 Criteria for Tax Exemption.
A. Properties or portions of properties meeting the following criteria shall be eligible for property tax exemption as provided in ORS 307.515 through 307.537. Eligible properties must be:
1. Located within the limits of the City of Bend;
2. Multifamily projects containing three or more units;
3. Offered for rent, or held for the purpose of developing qualified rental housing; and
4. If occupied, occupied solely by low-income persons. Property will be deemed to be occupied by low-income persons if it is made available and reserved exclusively for low-income persons and has been occupied by a low-income person within the last six months. Only that portion of the real property and improvements located thereon that is occupied by low-income persons shall be eligible property.
B. The required rent payments must reflect the full value of the tax exemption;
C. The housing units on the property are required to have been constructed after November 5, 2003.
D. The application for tax exemption under this chapter must have been filed before July 1, 2030.
E. The tax exemption on the property must be approved by the City Council in accordance with the provisions of ORS Chapter 307.523 and this chapter.
F. For the purposes of this tax exemption, a person that has only a leasehold interest in property is deemed to be a purchaser of that property if:
1. The person is obligated under the terms of the lease to pay the ad valorem taxes on the real and personal property used in this activity on that property; or
2. The rent payable has been established to reflect the savings resulting from the exemption from taxation. [Ord. NS-2418, 2021]