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OR HB3232

Bill

Official Source

Status

Passed

6/11/2025

Primary Sponsor

Nancy Nathanson

Click for details

Origin

House of Representatives

2025 Legislative Measures

AI Summary

  • Removes the requirement that housing units must have been constructed or converted to limited equity cooperative ownership after the local governing body adopted the tax exemption provisions
  • Allows existing limited equity cooperative properties to qualify for property tax exemptions, not just newly constructed or converted units
  • Property must still be occupied by low income persons holding a proprietary lease, with occupancy charges reflecting the full value of the tax exemption
  • Exemption applications must be filed before July 1, 2030
  • Amendments apply to property tax years beginning on or after July 1, 2026, with the act taking effect 91 days after the 2025 legislative session adjourns

Legislative Description

Relating to exemption of property owned by a limited equity cooperative; and prescribing an effective date.

Last Action

Chapter 211, (2025 Laws): effective on the 91st day following adjournment sine die.

6/11/2025

Committee Referrals

Finance and Revenue4/10/2025
Revenue1/17/2025

Full Bill Text

No bill text available