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.
Related Questions
- If a city denies a proposed rate increase and it is appealed to the Railroad Commission or district court, what expenses will the city and its ratepayers face?
- Did passing the bond issue or the permanent improvement levy for building projects in the district contribute to the need for the levy now?
- What does the Urban Renewal District line item on my tax bill represent?
