(1) Except as provided in subsections (2) and (3) of this section, the Department of Revenue shall assess to the property user all property owned, leased, rented, chartered or otherwise held for or used by it in performing a business, service or sale of a commodity enumerated in ORS 308.515.
(2) Where any property owned, leased, rented, chartered or otherwise assigned by an owner, lessor, lessee or user whose property is otherwise subject to ORS 308.505 to 308.674 is leased, rented, chartered or otherwise assigned for the use or benefit of a company which has or thereby has property subject to ORS 308.505 to 308.674, the department may assess the property to either the owner, lessor, lessee or user.
(3) Land or buildings that meet all of the following conditions shall be assessed in accordance with law by the assessor of the county in which such property is situated:
(a) Situated outside of railroad rights of way or outside of railroad station ground reservations;
(b) Leased or rented by a lessor whose property is not subject to ORS 308.505 to 308.674, to a company whose property is subject to ORS 308.505 to 308.674; and
(c) Used as or in connection with airport facilities, general offices, ticket offices, business offices, warehouses, service centers, relay stations, garages, central exchanges, moorage grounds, or well, pump house or substations sites.
(4) Except as provided in subsection (3) of this section, any property leased or rented by a lessor whose property is not subject to ORS 308.505 to 308.674, to a company whose property is subject to ORS 308.505 to 308.674, shall be assessed, as determined by the department, by the department or the assessor of the county in which such property is situated.
(5) All property not assessed by the Department of Revenue shall be assessed in accordance with law by the assessor of the county in which such property is situated.