The City of Oregon City received approval from the Oregon Housing and Community Services Department to designate a Vertical Housing Development Zone (VHDZ). The Zone is within the existing Mixed Use Downtown (MUD) Planning District, which is also within the City's Urban Renewal District. The program will allow partial property tax exemptions for qualified mixed-use development projects within the Zone that include a vertical housing component.
Taxing districts will not be negatively impacted by the Vertical Housing Development Zone program. The tax exemption applies only to the additional value created by the project. Districts will receive taxes on 100% of the "pre-project" value of the property, plus taxes on at least 20% of the additional value created by the VHDZ project. Then after 10 years, the exemption expires and taxing districts will receive taxes on the full value of the property.
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