Source: https://www.oregonlaws.org/ors/457.440
Timestamp: 2018-01-18 12:05:56
Document Index: 148870962

Matched Legal Cases: ['§5', '§26', '§106', '§25', '§17', '§87', '§335', '§449', '§26', '§16', '§7', '§4', '§3']

ORS 457.440 - Computation of amounts to be raised from property taxes - 2015 Oregon Revised Statutes
2015 ORS Vol. 11 Chapter 457 Section 457.440
Limiting collec­tions
2015 ORS 457.440¹
(1) The county assessor shall determine the amount of funds to be raised each year for urban renewal within the county levied by taxing districts in accordance with Article IX, section 1c, of the Oregon Constitution, and ORS 457.420 (Plan may provide for division of property taxes) to 457.460 (Financial report required for agency).
(a) If the municipality that activated the urban renewal agency has chosen Option One as provided in ORS 457.435 (Property tax collection methods for existing plans) (2)(a), the notice shall state that the maximum amount of funds that may be raised by dividing the taxes under Article IX, section 1c, of the Oregon Constitution, shall be raised for the agency.
(d) For plans that are initially approved or substantially amended to increase maximum indebtedness on or after January 1, 2010, the notice must comply with ORS 457.470 (Modification of assessed value).
(e) If the agency limits the amount that may be raised by the division of taxes, as provided in ORS 457.455 (Limiting collections) (1), the notice shall comply with ORS 457.455 (Limiting collections) (1).
(f) If the plan is not described in paragraph (a), (b), (c), (d) or (e) of this subsection, the notice shall state that the maximum amount of funds that may be raised by dividing the taxes under Article IX, section 1c, of the Oregon Constitution, shall be raised for the agency.
(3) If a municipality has chosen Option Three pursuant to ORS 457.435 (Property tax collection methods for existing plans), the maximum amount of funds that may be raised for an urban renewal agency by dividing the taxes as provided in Article IX, section 1c, of the Oregon Constitution, may be limited by the municipality in which the urban renewal agency is located. The decision of the municipality to limit the amount of funds to be included in the notice filed under subsection (2) of this section shall be reflected in the certified statement filed by the urban renewal agency with the county assessor.
(5) The maximum amount of funds that may be raised for an urban renewal plan by dividing the taxes as provided in Article IX, section 1c, of the Oregon Constitution, shall be computed by the county assessor as follows:
(a) The county assessor shall compute, in the manner required under ORS 457.445 (Consolidated billing tax rate), the total consolidated billing tax rate for each code area in which an urban renewal area of the plan is located.
(6)(a) The county assessor shall certify to the tax collector the amount of funds to be raised for an urban renewal agency as determined under subsection (2) of this section. The tax collector shall include the amount so certified in the percentage schedule of the ratio of taxes on property prepared under ORS 311.390 (Tax and interest distribution percentage schedule) and filed with the county treasurer. Notwithstanding ORS 311.395 (Periodic statements of tax collections) (6), the county treasurer shall credit the amount to the urban renewal agency and shall distribute its percentage amount to the urban renewal agency as determined by the schedule at the times other distributions are made under ORS 311.395 (Periodic statements of tax collections) (7).
(10) The notice required under this section shall serve as the notice required under ORS 310.060 (Notice certifying taxes) for the special levy described under ORS 457.435 (Property tax collection methods for existing plans).
(11) Notwithstanding any other provision of this chapter, a city with a population of more than 500,000 on January 1, 2010, may, in lieu of its urban renewal agency, take any actions that an urban renewal agency is authorized to take under this section and any other actions that are required to certify, collect, receive, hold and apply tax revenues raised for the urban renewal agency under Article IX, section 1c, of the Oregon Constitution, and taxes authorized for the urban renewal agency by Article XI, section 11 (16), of the Oregon Constitution. [1961 c.554 §5; 1979 c.621 §26; 1981 c.804 §106; 1983 s.s. c.5 §25; 1985 c.613 §17; 1987 c.158 §87; 1991 c.459 §335a; 1997 c.541 §449; 1999 c.579 §26; 2003 c.190 §§16,17; 2007 c.537 §7; 2009 c.700 §4; 2013 c.579 §3]