Interest on City Foreclosed Property

# (1)

(1) When a city sells real property for which there are unpaid principal amounts of taxes owing under ORS 311.520(1), interest begins to accrue on the principal amount beginning on the 16th of the month following the sale. Interest would accrue as provided in ORS 311.505(2). For example:

(a) City sells property with 1990 taxes owing on the property on July 1, 1993. Interest would begin on those taxes on July 16, 1993.

(b) City sells property with 1990 taxes owing on the property on July 17, 1993. Interest would begin on those taxes on August 16, 1993.

# (2)

(2) When a city sells real property for which there are unpaid principal amounts of taxes owing under ORS 311.520(1), the property may be included in the first foreclosure list prepared after the transfer of the property to the taxable owner if three or more years have elapsed from the original date of delinquency of the taxes.