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County economist: downtown office losses and tax compression are cutting PPS levy revenue; district faces roughly $5M shortfall
Summary
Multnomah County economist Jeff Renfro told the Portland Public Schools board that downtown office property values have dropped sharply and that tax compression is reducing collections for local option levies; staff said the district is about $5 million short in levy collections this year, which affects licensed staff funding.
Multnomah County economist Jeff Renfro told the Portland Public Schools board on Nov. 18 that a concentrated fall in downtown office property values and rising "compression" of property-tax bills have reduced collections on local option levies, contributing to a roughly $5 million shortfall in the district's current tax-roll expectations.
Renfro explained the three values used in Oregon's property-tax system: real market value (what a property would sell for), maximum assessed value (the Measure 50 baseline that grows roughly 3% per year) and assessed value (the lower of market value or maximum assessed value). He said many downtown office buildings saw real market value decline…
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