1. (1) An owner of commercial property may seek classification and special assessment as historic property under ORS 358.480 to 358.545 for the property by applying to the State Historic Preservation Officer on forms approved by the officer.

2. (2) The application must include or be accompanied by:

   1. (a) A preservation plan that:

      1. (A) Commits the applicant to expend, within the first five years for which historic property special assessment is granted, an amount not less than 10 percent of the historic property’s real market value on the last certified assessment and tax roll as of the date of application;
      2. (B) Focuses on exterior features, especially those visible from a public way, and on structural members of the property;
      3. (C) Meets the historic rehabilitation standards with respect to work proposed in the plan;
      4. (D) May include the treatment of significant interior features, as determined by the State Historic Preservation Officer; and
      5. (E) May address compliance with the Americans with Disabilities Act of 1990 (P.L. 101-336), as amended, seismic improvements and improvements in energy and water conservation.
   2. (b) An application fee established by the State Historic Preservation Officer by rule.
   3. (c) A copy of the property’s current property tax statement.
   4. (d) Proof that the owner has property insurance on the property in an amount at least equal to the real market value of the property on the last certified assessment and tax roll as of the date of application.
   5. (e) The written consent of the owner to the viewing of the property by the State Historic Preservation Officer.
3. (3) The application must be received on or before March 1 of the assessment year for which classification and special assessment as historic property are sought.

4. (4)

   1. (a) Property must be classified as historic property in order to be specially assessed as historic property.

   2. (b) Property may be classified as historic property if the property:

      1. (A) Is currently listed, either individually or as a contributing resource, in the National Register of Historic Places established and maintained under the National Historic Preservation Act of 1966 (P.L. 89-665);
      2. (B) Is a building, structure, object or site that is on or within an historic property currently listed in the National Register of Historic Places; or

      3. (C) In the opinion of the State Historic Preservation Officer, is eligible:

         1. (i) To become a contributing resource as a result of a proposed preservation plan; or
         2. (ii) For listing in the National Register of Historic Places.
   3. (c) Property classified under paragraph (b)(C) of this subsection must become listed in the National Register of Historic Places within two years following the property’s classification as historic property under ORS 358.490.
5. (5) An owner of historic property that has been granted historic property special assessment may reapply for another term of special assessment for the property to begin following the completion of the current term.

6. (6)

   1. (a) The application fee required under subsection (2) of this section becomes nonrefundable after approval under ORS 358.490 of the application to which the fee relates.
   2. (b) The application fee shall be deposited in the State Parks and Recreation Department Fund for use by the State Parks and Recreation Director or for transfer to the Oregon Property Management Account established under ORS 358.680 to 358.690.

Note: The amendments to 358.487 by section 2, 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.

[1995 c.693 §3; 1997 c.541 §427; 2001 c.540 §4; 2005 c.22 §257; 2007 c.718 §1; 2009 c.892 §3; 2025 c.209 §2]