In Oregon, urban renewal agencies receive the bulk of their revenues through a tax increment financing mechanism. Urban renewal agencies can be approved by counties or cities with the objective of eliminating blight within an area. Urban renewal agencies do not have the authority to impose taxes (except for special levies), but they do get a portion of the property tax revenue that would otherwise have gone to taxing districts if the agency did not exist. When an urban renewal plan area is created (plan areas are created and administered by urban renewal agencies), the assessed value of the property within the area’s boundaries is frozen at the amount calculated from the most recently certified tax roll prior to the plan’s approval. The agency then raises revenue in subsequent years from any value growth above the frozen amount; this value growth is referred to as the increment or excess value.
About the Author
Rob Taylor is a concerned citizen tired of government waste.
Disclaimer: Letters to the Editor and other opinions published in The Coos County Watchdog blog are not necessarily the views of the Editor, Publisher, or possible anyone else in their right mind. The Watchdog reserves the right to edit, omit, or copy any and all submissions.
Letters to the Editor must be attributed with a name, address, and contact phone number – names and town of origin will be printed, address and phone number will be withheld at the Editor’s discretion.