Section 307.558 - Termination of exemption for noncompliance; additional taxes(1) This section applies if the county assessor determines that:(a) An eligible covenant holder whose land has been granted exemption under ORS 307.555 (2) has failed to take reasonable, timely measures to enforce, against the owner of the improvements that make the land eligible for the exemption: (A) The affordable housing covenant by which the land is burdened; or(B) Under the lease agreement between the eligible covenant holder and the owner of the improvements, the requirements of ORS 307.555; or(b) An owner-occupied condominium unit granted partial property tax exemption under ORS 307.555 (3) is used in a way that does not comply with the affordable housing covenant by which the unit is burdened or the requirements of ORS 307.555.(2)(a) A determination under subsection (1) of this section has the effect of: (A) In the case of land, immediately terminating the property tax exemption.(B) In the case of an owner-occupied condominium unit, immediately terminating the partial property tax exemption.(b) Upon termination of exemption:(A) The land or unit shall be assessed and taxed as other property similarly situated is assessed and taxed; and(B) Notwithstanding ORS 311.235, there shall be added to the general property tax roll for the property tax year next following the termination, to be collected and distributed in the same manner as other ad valorem property taxes: (i) With respect to the land, an amount equal to the amount of property taxes that would have been due on the land had it not been exempt from property taxes for each of the preceding consecutive property tax years during which it was exempt, not to exceed five years.(ii) With respect to the condominium unit, an amount equal to the difference between the property taxes assessed against the condominium unit and the property taxes that would otherwise have been assessed against the condominium unit had it not been granted partial exemption from property taxes for each of the preceding consecutive property tax years during which it was partially exempt, not to exceed five years.(3) Additional taxes collected under this section shall be deemed to have been imposed in the year to which the additional taxes relate.