ORS 311.701: Senior Property Tax Deferral Revolving Account; sources; uses.

(1) There is established in the State Treasury the Senior Property Tax Deferral Revolving Account to be used by the Department of Revenue for the purpose of making the payments to: (a) County tax collectors of property taxes deferred for tax years beginning on or after January 1, 1983, as required by ORS 311.676. (b) The appropriate local officer of special assessment improvement amounts deferred on or after October 15, 1983, as required by ORS 311.730. (c) The department for its expenses in administering the property tax and special assessment senior deferral programs. (2) The Senior Property Tax Deferral Revolving Account may include a reserve for payment of department administrative expenses. (3) All sums of money received by the Department of Revenue under ORS 311.666 to 311.701 as repayments of deferred property taxes or under ORS 311.702 to 311.735 as repayments of deferred special assessment improvement amounts, including the interest accrued under ORS 311.674 (3) or 311.711 (3) shall, upon receipt, be credited to the revolving account and are continuously appropriated to the department for the purposes of subsection (1) of this section. (4)(a) If there are not sufficient moneys in the revolving account to make the payments required by subsection (1) of this section, and the amount appropriated from the General Fund is not sufficient when added together with the moneys in the revolving account to provide an amount sufficient to make the required payments, the State Treasurer, in the capacity of investment officer for the Oregon Investment Council, may lend to the Department of Revenue such amounts as may be necessary to make the payments. (b) The State Treasurer may lend moneys that may be invested as provided in ORS 293.701 to 293.857. (c) Any moneys lent under this subsection shall be repaid within five years together with interest at a rate determined by the State Treasurer and consistent with the investment standards of ORS 293.721 and 293.726. [1983 c.550 §12; 1985 c.167 §1; 1995 c.257 §1; 2001 c.716 §27; 2005 c.749 §4; 2009 c.885 §10; 2011 c.723 §17] 311.701. (1) There is established in the State Treasury the Homestead Property Tax Deferral Revolving Account to be used by the Department of Revenue for the purpose of making the payments to: (a) County tax collectors of property taxes deferred for tax years beginning on or after January 1, 1983, as required by ORS 311.676. (b) The department for its expenses in administering the homestead property tax deferral program under ORS 311.666 to 311.701. (2) The Homestead Property Tax Deferral Revolving Account may include a reserve for payment of department administrative expenses. (3) All sums of money received by the Department of Revenue under ORS 311.666 to 311.701 as repayments of deferred property taxes, including the interest accrued under ORS 311.674 (3) shall, upon receipt, be credited to the revolving account and are continuously appropriated to the department for the purposes of subsection (1) of this section. (4)(a) If there are not sufficient moneys in the revolving account to make the payments required by subsection (1) of this section, and the amount appropriated from the General Fund is not sufficient when added together with the moneys in the revolving account to provide an amount sufficient to make the required payments, the State Treasurer, in the capacity of investment officer for the Oregon Investment Council, may lend to the Department of Revenue such amounts as may be necessary to make the payments. (b) The State Treasurer may lend moneys that may be invested as provided in ORS 293.701 to 293.857. (c) Any moneys lent under this subsection shall be repaid within five years together with interest at a rate determined by the State Treasurer and consistent with the investment standards of ORS 293.721 and 293.726. Sec. 5. (1) The Department of Revenue shall, before December 31 of each year, estimate the amount required to be maintained in the Senior Property Tax Deferral Revolving Account under ORS 311.701 to fund the obligations for the following year. The department shall assume that the obligations will equal the payments and administrative costs that were made in the highest year over a 10-year look-back period, as adjusted for the current composition of payments and population. (2) Notwithstanding ORS 305.100 (1), any estimate or rule of the department under this section must be based on certain reasonable conditions with respect to the solvency of the account. (3) On or before January 31 of the year for which an estimate is made and at least 14 days after providing notice to the Legislative Revenue Officer of the proposed transfer, the department shall transfer the positive difference between the amount in the account on the date of estimation made in subsection (1) of this section and the estimated obligations under subsection (1) of this section, if any, to the Housing and Community Services Department for deposit into the General Housing Account under ORS 458.620 for use by the department to implement the senior housing development initiative under section 2 of this 2025 Act [456.546]. [2025 c.576 §5] Sec. 6. Section 5 of this 2025 Act becomes operative on January 1, 2027. [2025 c.576 §6] Sec. 7. Section 5 of this 2025 Act is repealed on July 1, 2031. [2025 c.576 §7] DEFERRAL OF SPECIAL ASSESSMENTS FOR LOCAL IMPROVEMENT Sec. 13. Outstanding balances deferred under repealed sections remain due and payable. Notwithstanding the repeal of ORS 311.702, 311.704, 311.706, 311.708, 311.711, 311.716, 311.718, 311.721, 311.722, 311.723, 311.725, 311.727, 311.729, 311.730, 311.731, 311.732 and 311.735 by section 12 of this 2024 Act, all balances deferred under ORS 311.702 to 311.735 that remain outstanding on the effective date of this 2024 Act [June 6, 2024] shall remain due and payable and subject to collection and foreclosure under the provisions of ORS 311.702 to 311.735 as in effect immediately before the effective date of this 2024 Act. [2024 c.52 §13]