(1) For purposes of this section:
(a) “Nonprofit corporation” means a corporation that:
(A) Is organized not for profit, pursuant to ORS chapter 65 or any predecessor of ORS chapter 65; or
(B) Is organized and operated as described under section 501(c) of the Internal Revenue Code as defined in ORS 305.842.
(b) “Senior services center” means property that:
(A) Is owned or being purchased by a nonprofit corporation;
(B) Is actually and exclusively used to provide services and activities (including parking) primarily to or for persons over 50 years of age;
(C) Is open generally to all persons over 50 years of age;
(D) Is not used primarily for fund-raising activities; and
(E) Is not a residential or dwelling place.
(2) Upon compliance with ORS 307.162, a senior services center is exempt from ad valorem property taxation.