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County economist warns downtown office value declines are squeezing PPS levy revenue
Summary
Multnomah County economist Jeff Renfro told the Portland school board that downtown office value declines and Oregon property-tax 'compression' have reduced growth in assessed value, compressing local option levy collections and leaving PPS about $5 million short of earlier budget assumptions this year.
A Multnomah County economist told Portland Public Schools board members on Nov. 18 that declines in downtown office market values have reduced the district’s assessed-value growth and increased 'compression,' lowering collections from the local option levy.
Jeff Renfro, the county economist, explained the mechanics: Oregon property-tax law measures multiple values (real market value and a Measure 50-based maximum assessed value), and assessed value is the lower of the two. When real market value for some commercial properties falls…
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