Section 307.040 - Property of the United States; certain electricity transmission system property leased to United States(1) As used in this section, "United States" means the federal government or an agency or instrumentality of the federal government.(2) Except as provided in ORS 307.050, 307.060, 307.070 and 307.080, all property of the United States, its agencies or instrumentalities, is exempt from taxation to the extent that taxation of the property is forbidden by law.(3) Notwithstanding ORS 308.505 to 308.674, for purposes of this section, property the title to which is held by a person other than the United States and that is leased to the United States under a lease or lease-purchase agreement is property of the United States if: (a) The property is operated or used in furtherance of a statutory responsibility of the United States with respect to a high-voltage electricity transmission system that the United States owns and operates within the Pacific Northwest;(b) The property is constructed on or affixed to real property interests of the United States; and(c) Upon expiration of the lease or lease-purchase agreement, the United States has an option to purchase the property for a nominal price, if the debt incurred by the person to acquire the property has been paid.Amended by 2013 Ch. 336,§ 1, eff. 10/7/2013.