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<br />Chapter9:FiscalImpactStatementthatEstimatesthe <br />ImpactoftheTaxIncrementFinancing,BothUntilandAfterthe <br />IndebtednessisRepaid,UponAllEntitiesLevyingTaxesUpon <br />PropertyinthePlanArea <br />Taxing bodies that overlap with the Plan Area are affected by the use of tax increment <br />funds to implement the Plan. When a district is first created, the assessed value within the <br /> This is a way of keeping the overlapping <br />n renewal district is created. Property taxes <br />from the overlapping jurisdictions (schools, general governments, bonds) are then divided <br />among the jurisdictions that continue to receive taxes on the frozen base. In theory, if <br />urban renewal efforts are successful, the value of the district will grow above the base. <br />on the incremental value. This has an impact on the amount of revenue that the <br />overlapping jurisdictions receive, versus what they would have received if there were no <br />urban renewal districts in effect. <br />ImpactonTaxBills: In addition to the impact on the overlapping taxing jurisdictions, urban <br />renewal also makes individual tax bills look different. Urban renewal districts do not <br />impose new taxes; rather, they redistribute taxes from overlapping taxing districts to the <br />urban renewal districts. There are two basic <br />bill is affected by tax increment financing in Oregon. The first step determines the amount <br />of property taxes that the urban renewal agency should receive, and the second step <br />determines how the taxes are accounted for on property tax statements. <br /> <br />The first step in determining how tax increment financing affects an <br />consists of applying the tax rates of the taxing districts (such as the city, county, and school <br />districts) to the incremental value of the urban renewal district. That product is the <br />amount of taxes that the urban renewal agency should receive. The second step <br />determines how to divide or split the tax rates of the taxing districts so that when those <br />the city, the urban renewal agency receives its <br />share, and the taxing districts receive the remainder. As of October 2019, there were eight <br />urban renewal districts in Lane County, and the calculation is done for each of these <br />districts. <br /> <br />ReportontheProposed2020Amendment 19 <br /> <br />