(1) In the case of a code area in which urban renewal taxes are to be imposed for the tax year beginning July 1, 1997, the assessor shall determine the rate of taxes to be imposed on the urban renewal increment under this section.

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(2) The assessor shall use the lesser of the total consolidated rate for the code area determined under ORS § 310.236, or the total consolidated Measure 5 assessed value rate, for purposes of the remainder of the calculation under this section.

(3) The assessor shall multiply the rate determined under subsection (2) of this section by the urban renewal increment for the code area. The assessor shall determine the total amount under this subsection for all code areas within an urban renewal plan to determine the total amount of taxes to be raised on the urban renewal increment.

(4) For each urban renewal plan, the assessor shall compare the amount determined under subsection (3) of this section with the amount certified by the urban renewal agency under ORS § 310.208. If the amount determined under subsection (3) of this section is less than the amount certified, the assessor shall determine a special levy in the amount of the difference.

(5) The assessor shall determine a rate per $1,000 of assessed value for the special levy described in subsection (4) of this section by dividing the amount of the special levy by the assessed value of the municipality that activated the urban renewal agency and all taxable property in the urban renewal area lying outside the city or county, including the value of the urban renewal increment, and shall add the rate to the pre-compression consolidated rate for each code area in which the special levy is to be extended.

(6) For tax years beginning on or after July 1, 1998, urban renewal tax increment calculations shall be made as provided in ORS § 457.420 to 457.470. [1997 c.541 § 34; 1999 c.579 § 24]