Oregon Administrative Rules
Chapter 150 - DEPARTMENT OF REVENUE
Division 457 - URBAN RENEWAL
Section 150-457-0440 - Calculation of Urban Renewal with City Rate Phase-in

(1) Applicability: This rule must be used in conjunction with OAR 150-457.440(9) when an urban renewal agency sponsored by a city has certified a request for tax increment financing to the assessor under ORS 457.440 and the city has adopted an annexation ordinance under ORS 222.111 with a rate phase-in provision that is applicable to the city's taxes for the tax year.

(2) When the conditions described in section (1) are present, the assessor must modify the calculations under OAR 150-457.440(9) as follows, or by using a method allowed under section (3):

(3) A county may use a different calculation method if approved by the Department of Revenue, it provides an equivalent phase-in of the division of tax rate derived from the city taxes, and the taxes to be raised for the urban renewal agency and city remain comparable to the calculations under section (2).