See something we could improve on this page? Give website feedback.
Label:
Resolution
Approve and terminate limited tax exemptions for properties under the Homebuyer Opportunity Limited Tax Exemption Program
Adopted
WHEREAS, in 1991, the Oregon Legislature passed legislation allowing local jurisdictions to forgo a portion of property tax revenue for a defined period of time as an incentive for the development of housing that achieve larger City policy goals; and
WHEREAS, on behalf of the City of Portland, the Portland Housing Bureau administers the Homebuyer Opportunity Limited Tax Exemption Program, authorized under ORS 307.651 and Portland City Code Chapter 3.102; and
WHEREAS, ORS 307.674 and 307.687 and City Code Sections 3.102.050 and 3.102.080 require Portland City Council to approve, deny, and terminate tax exemptions in the form of a resolution containing the property owner’s name and address and a description of the property or the assessor’s property account number; and
WHEREAS, the properties identified in Exhibit A meet the specific conditions upon which the approval or termination of the application is based under ORS 307.674 and 307.687 and City Code Sections 3.102.050 and 3.102.080.
NOW, THEREFORE, BE IT RESOLVED that the City Council approves and terminates tax exemptions under the Homebuyer Opportunity Limited Tax Exemption Program, as listed in the attached Exhibit A.
Official record (Efiles)
Impact Statement
Financial and budget analysis
Analysis provided by City Budget Office
Portland Housing Bureau (PHB) administers the Homebuyer Opportunity Limited Tax Exemption Program, which is a City tax exemption program providing incentives for the development and maintenance of affordable housing. Oregon revised statutes and Portland City Code require City Council to approve, deny, and terminate tax exemptions in the form of a resolution. PHB brings forth resolutions to Council several times per year to meet the approval and termination timelines stipulated in statute and to align with Multnomah County’s timelines to certify annual tax rolls. This legislation seeks to remove exemptions on 34 properties and to approve new exemptions for 25 separate properties.
The approved Homebuyer Opportunity Limited Tax Exemption applications would generate revenue for the City through a one-time application fee totaling $22,500. A total of $1,750 is collected for each completed application with $900 going to PHB and $850 to Multnomah County to cover administrative costs. The legislation would also increase revenue for the City through reclaimed tax revenue of up to $27,846, which represents 30% of all taxing jurisdictions. On the other hand, the legislation would decrease revenue through foregone revenue of up to $20,475, which represents 30% of all taxing jurisdictions.