Oregon provides an exemption for qualified commercial construction projects in progress as of January 1st.
To be eligible for assessment cancellation, a project must meet the follow criteria:
- New building or addition to an existing building
- Is in process of construction on January 1st
- Is not in use or occupied on January 1st
- Is being constructed to produce income
- The length of project must be greater than one year from the date construction began
Application: Application for Cancellation of Assessment
Statute: ORS 307.330