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City code section
- A. A building that qualifies for a property tax exemption under this Chapter is exempt from property taxes to the extent provided under ORS 307.612, Portland City Code Section 30.01.120, and the Inclusionary Housing program and MULTE administrative rules.
- 1. Rental buildings.
- a. If the building is located within the Central City Plan District, as designated in Chapter 33.510, the property tax exemption applies to all residential units;
- b. If the building is located outside the Central City Plan District but within an eligible neighborhood analysis area, as identified in administrative rule by the City Administrator, and when restricting the units at 60 percent MFI, the property tax exemption applies to all residential units; or
- c. If the building is located outside the Central City Plan District and outside a neighborhood analysis area, as identified in administrative rule by the City Administrator, the tax exemption applies only to the income restricted units.
- 2. For-sale buildings. The property tax exemption applies only to the income restricted units, as identified in the applicable regulatory agreement.
- 1. Rental buildings.
- B. However, the maximum amount of estimated foregone tax revenue provided as a benefit of the exemption under this Chapter may not exceed the amount approved by Council. As of March 1, 2024, the Foregone Revenue Cap is temporarily suspended until December 31, 2029. On January 1, 2030, the rolling Foregone Revenue Cap will be automatically reinstated at the amount approved by Council.