Source: https://www.oregonlaws.org/ors/2007/457.420
Timestamp: 2019-12-11 03:32:31
Document Index: 575927233

Matched Legal Cases: ['§3', '§2', '§4', '§24', '§334', '§447']

ORS 457.420 - Plan may provide for division of property taxes - 2007 Oregon Revised Statutes
2007 ORS Vol. 11 Chapter 457 Section 457.420
2007 ORS 457.420¹
Plan may provide for division of property taxes
• limits on land area
(1) Any urban renewal plan may contain a provision that the ad valorem taxes, if any, levied by a taxing district in which all or a portion of an urban renewal area is located, shall be divided as provided in section 1c, Article IX of the Oregon Constitution, and ORS 457.420 (Plan may provide for division of property taxes) to 457.460 (Financial report required for agency). Ad valorem taxes shall not be divided if there is no provision in the urban renewal plan for the division.
(2) No plan adopted after October 3, 1979, shall provide for a division of ad valorem taxes under subsection (1) of this section if:
(a) For municipalities having a population of more than 50,000, according to the latest state census:
(A) The assessed value for the urban renewal areas of the plan, when added to the total assessed value previously certified by the assessor for other urban renewal plans of the municipality for which a division of ad valorem taxes is provided exceeds a figure equal to 15 percent of the total assessed value of that municipality, exclusive of any increased assessed value for other urban renewal areas; or
(B) The urban renewal areas of the plan when added to the areas included in other urban renewal plans of the municipality providing for a division of ad valorem taxes, exceed a figure equal to 15 percent of the total land area of that municipality.
(b) For municipalities having a population of less than 50,000, according to the latest state census:
(A) The assessed value for the urban renewal areas of the plan, when added to the total assessed value previously certified by the assessor for other urban renewal plans of the municipality for which a division of ad valorem taxes is provided exceeds a figure equal to 25 percent of the total assessed value of that municipality, exclusive of any increased assessed value for other urban renewal areas; or
(B) The urban renewal areas of the plan, when added to the areas included in other urban renewal plans of the municipality providing for a division of ad valorem taxes, exceed a figure equal to 25 percent of the total land area of that municipality.
(3) Property may not be included in more than one urban renewal area. [1961 c.554 §3; 1969 c.539 §2; 1971 c.544 §4; 1979 c.621 §24; 1991 c.459 §334; 1997 c.541 §447]