Oregon Statutes 457.455 – Limiting collections; notification; consultation with taxing districts
(1) If the maximum amount of funds under ORS § 457.440 is not required to pay the principal and interest on indebtedness incurred for an urban renewal plan, the urban renewal agency may take formal action to limit collections under a plan for a single fiscal year, and may notify the county assessor pursuant to ORS § 457.440 (2)(e) to compute the division of taxes for the urban renewal area using an assessed value that is equal to the amount specified by the agency. The assessor may not use an amount that is greater than the increment.
Terms Used In Oregon Statutes 457.455
- agency: means an urban renewal agency created under ORS § 457. See Oregon Statutes 457.010
- Certified statement: means the statement prepared and filed pursuant to ORS § 457. See Oregon Statutes 457.010
- Increment: means that part of the assessed value of a taxing district attributable to any increase in the assessed value of the property located in an urban renewal area, or portion thereof, over the assessed value specified in the certified statement. See Oregon Statutes 457.010
- plan: means a plan, as it exists or is changed or modified from time to time for one or more urban renewal areas, as provided in ORS § 457. See Oregon Statutes 457.010
- Taxing district: means the state, city, county or any other unit of government that has the power to levy a tax. See Oregon Statutes 457.010
- Urban renewal area: means a blighted area included in an urban renewal plan or an area included in an urban renewal plan under ORS § 457. See Oregon Statutes 457.010
(2) If the maximum amount of funds under ORS § 457.440 is not required to pay the principal and interest on indebtedness incurred for an urban renewal plan, the urban renewal agency may limit future collections under a plan by notifying the county assessor to permanently increase the amount of the total assessed value included in the certified statement filed under ORS § 457.430. The assessed value included in the certified statement may not be subsequently decreased except in connection with boundary changes.
(3) Before taking formal action under this section, the urban renewal agency shall consult and confer with each taxing district affected by the urban renewal plan. [2009 c.700 § 7]