Relating to Eastern Oregon Border Economic Development Region housing; prescribing an effective date.
Catchline/Summary:
Allows counties to partition and rezone up to 200 acres of lands within Eastern Oregon Border Economic Development Region from exclusive farm use to residential uses. Allows counties to partition and rezone up to 200 acres of lands within Eastern Oregon Border Economic Development Region from exclusive farm use to residential uses.
Continues any applicable farm use tax deferral and valuation on properties in region until redeveloped for sale or five years after rezoning. Applies to property tax years beginning on or after July 1, 2020, and before July 1, 2031.]
Entitles owner to income tax credit of up to $5,000 on sale of new residential dwelling on rezoned property. Applies to tax years beginning on or after January 1, 2020, and before January 1, 2026.]
Takes effect on 91st day following adjournment sine die.
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HB 2456 Senate Committee On Finance and Revenue
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