ORS 457.450
Notice to tax assessor
- provision for debt retirement
- distribution of remaining tax increment funds
(1)
Intentionally left blank —Ed.(a)
ORS 457.440 (Computation of amounts to be raised from property taxes) shall first apply to the assessment roll next following the tax roll referred to in ORS 457.430 (Certification of assessed value of property in urban renewal area) if the assessor is provided notice of a plan adoption or amendment changing area boundaries by the agency prior to January 1 before the tax year to which the plan first applies.(b)
If the assessor is not provided notice of plan adoption or amendment changing area boundaries by the agency prior to January 1 before the tax year to which ORS 457.440 (Computation of amounts to be raised from property taxes) would otherwise first apply, then ORS 457.440 (Computation of amounts to be raised from property taxes) shall first apply to the assessment roll next following the assessment roll described in paragraph (a) of this subsection.(2)
When the principal and interest on the maximum indebtedness of an urban renewal plan to which the portion of taxes is irrevocably pledged for payment under ORS 457.435 (Property tax collection methods for existing plans) or 457.440 (Computation of amounts to be raised from property taxes) is fully paid, or it is found that deposits in the special fund are sufficient to fully pay principal and interest on the maximum indebtedness either through direct payment of the indebtedness or by payment of principal and interest on bonds or notes issued to finance the indebtedness, the agency shall notify the assessor of that fact.(3)
All moneys remaining unexpended from the special fund provided for in ORS 457.435 (Property tax collection methods for existing plans) or 457.440 (Computation of amounts to be raised from property taxes), after payment of all the principal and interest on indebtedness is provided for, shall be turned over to the county treasurer by the agency and prorated by the treasurer back to the taxing districts in which the area, or part thereof, is located, in proportion to the amount of money in the fund attributable to each taxing district for the last fiscal year in which tax levy moneys were paid into the special fund of the agency under ORS 457.435 (Property tax collection methods for existing plans) or 457.440 (Computation of amounts to be raised from property taxes). [1961 c.554 §6; 1971 c.426 §1; 1979 c.621 §27; 1991 c.459 §335b; 1997 c.541 §450; 2009 c.700 §5]
Source:
Section 457.450 — Notice to tax assessor; provision for debt retirement; distribution of remaining tax increment funds, https://www.oregonlegislature.gov/bills_laws/ors/ors457.html.
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