4
hidden tax. Since the cost of tax
increment financing is buried
in the property tax rate, the
portion of cost for these projects
is unknown to the individual
taxpayer.
2. The length of time the property
in urban renewal districts is off
the tax rolls, between 20 to 30
years, is too long to w ait for tax
relief.
3 Tax increment financing
circumvents the public’s right
to vote on public debt.
4. Tax increment financing can
result in taxation without
representation: The city creates
a debt, but through the tax rate,
the cost is spread, not only to
its residents but also to
residents of the county living
outside the city. Those outside
the city limits are barred from
voting for or against the elected
officials who create this tax
burden.
The Journey Back
Here we are, back ir Multnomah
County. It's been an interesting
journey, but now we wonder what all
the fuss was about. Tax increment
financing may be a problem for a
galaxy long ago and far away, but do
WE need to w<>rry? The best thing we
can do is kx»k at our tax statements to
see how much we really pay.
Unfortunately, when we look, we
discover the information isn't there If
we ask w hy, we learn that forces have
been at work in the Salem legislature
to make sure it's a well kept secret.
Who the Darth Vadar’s" are among us,
we ought to find out, but for the
moment, we ll ask our friendly
Multnomah County' Assessment and
Taxation Division.
They turn out to be pretty nice
people and oblige by sending us a
sample of what a typical hom eow ner’s
statement would look like IE THE
URBAN RENEWAL COSTS WERE
BROKEN OUT. This is a REAI., not
mythical, tax statement billed to
som eone in the county. Here's what it
would l<x)k like if urban renewal costs
were shown, compared to what it does
l<x)k like when urban renewal costs
are “hidden.”
(see chart 4A)
We discover that 33% of this tax
bill g<x.*s for urban renewal The sum
T he H id d en lax
Impact o f Urban Renewal
Taxing Body
on Individual Tax Return
True $
Amount
Port of Portland
City of Portland
E.S.D.
Portland S.D. #1
PCC
MDS
(.Multnomah) County'
Port Bonds
13.94
269.93
50.51
550.07
32.42
9.04
15381
1.50
14.54
278.43
52.55
570.28
33-55
8.95
158.77
1.12
$1,081.22
36.97
******
«1,118.19
«1,118.19
Total, w/o Urban Renewal:
Urban Renewal adds:
Total (WITH Urban Renewal):
bodies.
As Seen on
Tax Bill
1
Chart No. 4A
Urban Renewal 1987-88 Statistics
South Auditorium Urban Renewal
Created:
Frozen Base.
Excess:
Returned to Roll:
1965-1966
$11,005,789
$59,939,967
$59,939,967
Downtown Waterfront Urban Renewal
Created:
Frozen Base:
Excess:
Returned to Roll:
1974-75
$97,406,603
$317,016,733
$134,662,237
N.W. Front Avenue Urban Renewal
Created:
Frozen Base:
Excess:
Returned to Roll:
1979-80
$30,045,830
$58,148,260
-0-
St. Johns Urban Renewal
Created:
Frozen Base:
Excess:
Returned to Roll:
1981-82
$3,685,122
-0-
-0-
South Park Blocks Urban Renewal
Created:
Frozen Base:
Excess:
Returned to Roll:
1986- 87
$402,291,511
$88,659,839
-0-
Central East Side Urban Renewal
Created:
Frozen Base:
Excess:
Returned to Roll:
1987- 88
$297,333,210
$7,627,920
-0-
Columbia South Shore Urban Renewal
Created:
Frozen Base:
Excess:
Returned to Roll:
1987-88
$146,986,010
$4,572,404
-0-
ChartNo. 4B
i