No. Property taxes will not increase because of an increment area. The source of the revenue is the property taxing districts such as the city of Vancouver and Clark County, not the property taxpayers.
Increment areas redirect a portion of the property taxes that the taxing districts would otherwise have received to the governing body managing the increment area. The diverted property tax revenues can then be used only on specific projects within the increment areas.
In the case of the port, the property taxes collected on the new development in the Terminal 1 boundary will be allocated to the port. The use of these revenues is limited to help fund the construction of the public amenities on Terminal 1.