If development paid its fair share, your property tax bill would be 10% lower
|Urban Renewal is all about re-development. The individual categories
that we choose to list, such as historic, core area multi-unit etc,
are all development of one kind or another. We can reasonably argue about
the value of this development, but we should also look at what it costs
We tally $80 million in taxes diverted to UR plus taxes abated (ie: forgiven) . The TSCC reports the total Multnomah County property tax collected for 2001-02 as $797,880,970 (paper page 27 ). Adding past years taxes totals $822,930,739 ( per email from TSCC).
Had the $80 million not been diverted and abated , it would have been available to contribute to the total, allowing the rest of us to pay $743 million instead of $823 million ($823 million - $80 million = $743 million. $80 million is about 10% of $823 million)
In terms of a home owner's bill (all data approximate):