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SURPAC FAQs
SURPAC FAQ's
Does the Urban Renewal District raise my taxes?
The Urban Renewal District receives property taxes, not an additional tax to your bill, on the increased assessed values and uses the taxes to pay debt service on the borrowings. This is referred to as Tax Increment Financing. In 2001-2002 the assessed values in the District were determined at that date and became the frozen base. In subsequent years the incremental assessed value is the difference between the assessed value in the District and the frozen base. Each year the Urban renewal agency receives property tax attributable to the incremental assessed value. The City of Sherwood’s General Fund then receives property tax attributable to the City’s assessed value less the URA incremental value.
Is property tax for the Urban Renewal District a portion of the permanent rate levy for the City and the overlapping tax districts?
Yes, however it needs to be stated clearly that it is not an addition to it. The amount of tax for the URA is determined by the incremental assessed value in the District, but the tax is collected by dividing the City’s permanent rate levy. Thus, tax for the URA appears on each tax bill in the City, not just those in the URD. Absent the URA, the property tax would go to the City of Sherwood and other taxing districts, but without urban renewal efforts and expenditures, the assessed values presumably would not have increased.
What does the Urban Renewal District line item on my tax bill represent?
The URA tax that appears on your tax bill represents a portion of the overall tax that has been redirected from the City General Fund to the Urban Renewal District. It is not a new tax or additional tax.
Was the Urban Renewal Plan voted on by the citizens?
The Sherwood Urban Renewal Plan as established by City Ordinance 2000-1098. The plan was prepared pursuant to Oregon Revised Statute (ORS) Chapter 457, the Oregon Constitution, and all applicable laws and ordinances of the State of Oregon and the City of Sherwood. The Plan was developed under the guidance of the Sherwood Urban Renewal Plan Advisory Committee. The committee conducted a number of open public meetings and participated in a public workshop on the plan.
How big is the District?
The District consists of most of the City’s commercial and industrial areas. These are two distinct but related commercial districts, Old Town and Six Corners. The acreage within the urban renewal area is 591 acres or 22.9% of the total acreage in the City.