Urban Renewal

ORS 457.450
Notice to tax assessor

  • provision for debt retirement
  • distribution of remaining tax increment funds


(1)

(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]
§§ 457.420 to 457.450

Notes of Decisions

Tax increment financing procedure did not violate Article XI, section 11 of Oregon Constitution which prohibits taxing unit's use of power of levy to raise more revenue than its tax base. Dennehy v. Dept. of Rev., 305 Or 595, 756 P2d 13 (1988)

Atty. Gen. Opinions

Urban renewal financing by taxes, (1974) Vol 36, p 1005; withdrawal of funds by county assessor from urban renewal agency, (1977) Vol 38, p 1062; expected effect of Ballot Measure 47 (Oregon Constitution Article XI, section 11g) on investment bonds, (1996) Vol 48, p 67

Law Review Citations

61 OLR 123 (1982)

Chapter 457

Notes of Decisions

Provisions of this chapter creating urban renewal agencies, and provisions of Housing Authorities Law, ORS 456.055 to 456.235, are parallel statutory schemes, and thus identical provisions in the two acts will be given same effect. Housing Authority of Lane County v. Board of Commissioners, 35 Or App 785, 582 P2d 844 (1978), Sup Ct review denied

Atty. Gen. Opinions

Authority of urban renewal agency in selection of projects and delineation of project boundaries, (1977) Vol 38, p 1062


Source

Last accessed
Jun. 26, 2021