Urban Renewal Fuels Property Tax Jump
In Portland, the property tax has substantially risen as compared to the previous years which are attributed to the Urban Renewal program in the City of Portland. Compared to last year’s statistics, there was a 14.72 percent increase in the property tax of the city.
During recent years, the share of the urban renewal in the city budget has been steadily increasing from 18.9 percent three years ago to where it stands now at 22.24 percent of the property tax levy which is very close to the 23.06 percent allocation for fire and police pension. With 45.3 percent of the property tax collection going to urban renewal and pension for fire and police, roughly 55 percent is left for other services.