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Tualatin-Tigard Schools

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Tualatin-Tigard Schools
Urban Renewal Extension
Urban Renewal
Frozen property taxes within an areaProperty owners still pay regular taxes, but dollars paid are re-invested in the areaIncreased value eventually returned to tax rollsCentral Urban Renewal District (CURD)$14 million frozen base (1985)$194 million total AV (2010)
House Bill 3056
Overlaying tax districts get to vote when:An existing districtPlanning on an extension greater than 20%75% of overlaying value must vote yesSchools typically represent just over 30%Veto powerNew Urban Renewal not subject to a vote
Reason for 3056
Impacts on funding for overlaying tax districtsNot planning, policy, design, or specific projects
Oregon School Funding
Schools funded out of the State School Fund GrantState Income Tax collectionLocal Property TaxLocal Property Tax is held as an “offset” to the State Income Tax collection funds
TTSD Funding
TTSD State School Fund Grant$90million (a per student formula)$40 million Local Property Tax$50 million State School Fund potWhat if TTSD Local Property Tax collection changed?$90 million (per student formula)If $20 million Local Property TaxThen $70 million State School Fund potIf $45 million Local Property TaxThen $45 million State School Find pot
State School Fund is Limited
State School Fund =Total $ / # of students = amount per studentChange in Local Property Tax collection impacts per student funding for the whole stateMetroArea contributes to rural areas.TTSD would increase Local Property Tax collection if CURD endsthe state keeps the difference
CURD Specifics
Statewide:School property taxes foregone through 2035Total $27,472,947Average Annual of $1,098,918TTSDWith State School fund offset (TTSD 2.17%)Total $596,163Average Annual of $23,163
Other TTSD $ Considerations
Local Option outside of SSFLocal Option is collectable in CURDAdditional collections for new development is about $12,500 per yearWill increase as AV increasesSchool Bonds are collectable in CURDWill increase as AV increasesReduces burden on homeownerWhat impact does CURD have on values outside of the renewal district for TTSD?How do these values impact the State School Fund?
Other TTSD $ Considerations
Construction Excise Tax (CET)$1.00 per square foot residential$.50 per square foot commercial with a cap of $25,000 per buildingCURD Estimates:529 to 669 housing units1.3 to 1.8 million sq. ft. commercial
Construction Excise Tax (CET)
One Comparable – Apartments/Commercial/Mixed Use:Apartments: 367 units with 413,834 sq. ft.Commercial: 22,900 sq. ft.Parking Structures: 209,000 sq. ft.Accessory Buildings: 106,000 sq. ft.Generated CET Estimate = $639,734
CURD CET Estimates
CURD Estimates:529 to 669 housing units1.3 to 1.8 million sq. ft. commercialCET estimate for housing =$596,507 to $754,373Commercial estimate @ $.25/sq. ft.=$326,000 to $468,340
TTSD Net Estimate
($ 23,847)/year ($596,163) total$12,500 local option… increase w timeFavorable impact on Bond collectionsCET estimate:$922,507 to $1,222,713Property value increase outside CURDCURD returns to rolls at $800,000,000 plusStudentpopulation growth

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Tualatin-Tigard Schools