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Tax Increment Financing, commonly known as TIF, is a financial tool used by local governments in Oregon to spur economic development and revitalize certain areas. By designating a defined geographical area, called an "urban renewal area," cities and counties can capture the future increase in property taxes resulting from development within that area. These funds are then reinvested in projects such as infrastructure enhancements, affordable housing, and community facilities. In Oregon, TIF is authorized and regulated under state law with oversight from local government entities and must adhere to specific guidelines and reporting requirements.
Tax Increment Financing can be complex due to the intersection of finance, public policy, and municipal law. You may need a lawyer in the following situations related to TIF in Oregon:
A knowledgeable Oregon lawyer can provide legal clarity, minimize risk, and help achieve your objectives related to tax increment financing.
Oregon’s laws governing Tax Increment Financing are found primarily in Oregon Revised Statutes Chapter 457, which concerns urban renewal. Key aspects of these laws include:
A TIF district is a designated area within a city or county where increased property tax revenues, resulting from rising property values due to development, are allocated for specific projects to benefit that area.
Local governments establish urban renewal agencies to manage TIF programs, with oversight and statutory requirements monitored by the state and, in some cases, local taxing bodies.
TIF funds can be used for public infrastructure, affordable housing, environmental clean-up, public safety improvements, and other projects that promote economic development within the designated area.
TIF does not increase your existing tax rate. Instead, it diverts the growth in property tax revenue from new development into special funds rather than the general municipal budget.
A city or county must prepare an urban renewal plan, hold public meetings, and obtain formal approval from their governing body, with input from other affected taxing districts.
TIF funds are typically directed toward public improvements, but some funds may support private development if it results in significant public benefit, such as affordable housing or environmental remediation.
Each urban renewal plan outlines the expected life of the district, which can extend for decades but generally lasts until all planned projects are complete and associated debt is repaid.
Yes, Oregon law sets limits, such as no more than 15 percent of a municipality's assessed value or total acreage can be under TIF at any time.
Since TIF diverts some tax revenue growth, local schools and other public services may see slower growth in their funding. This tradeoff is considered carefully in the planning stage.
Residents can participate in public hearings, provide written comments, and, in some cases, pursue legal challenges if procedures are not properly followed or statutory requirements are not met.
If you need more information about Tax Increment Financing in Oregon, consider the following resources:
If you are considering involvement in a TIF project or need guidance regarding an existing TIF district in Oregon, start by gathering any documents, plans, or notices related to your situation. Make a list of your questions and concerns. Then, consult with an Oregon attorney experienced in municipal finance or urban renewal law. They can review your situation, explain your rights and obligations, and advocate on your behalf if needed. Attending public meetings or contacting your local urban renewal agency can also provide valuable insights and next steps tailored to your interests.
