RESOLUTION No. 36131

Establish $170,000 as the maximum price for a newly constructed single family house eligible for a limited property tax exemption in a homebuyer opportunity area (Resolution)

WHEREAS, the City Council passed Ordinance No. 162854 on March 22, 1990 adopting new property tax exemption programs for owner-occupied residential rehabilitation and newly constructed single family housing in distressed areas (now named “homebuyer opportunity areas”).

WHEREAS, Section 3.102.090(4) of the amended Chapter 3.102 of Title 3 requires the Bureau of Planning to establish the maximum price limit for single family housing eligible for the limited property tax exemption.

WHEREAS, this price limit is to be based on median sales price of single family homes located within the city as determined by data collected by the County Assessor and/or other representative sales price as provided by real estate, construction, or other industry sources.

WHEREAS, the Portland housing market has witnessed an estimated five percent increase in the median sales prices of single family housing sold during the 2002-2003 tax year as compared to the previous year.

WHEREAS, the Planning Bureau staff has determined that the median sales price for both new and existing single family houses in Multnomah County during the 2002-2003 tax year was approximately $164,000 based on sales price data provided by the Multnomah County Tax Assessor.

WHEREAS, the maximum price limit cannot exceed 120 percent of the accepted base sales price.

THEREFORE, BE IT RESOLVED, that $170,000 (or slightly less than 104 percent of the accepted base price) is established as the maximum price of a newly constructed single family house (including the cost of the land) eligible for the limited property tax exemption as provided by Chapter 3.102 for the tax year 2002-2003.

Adopted by the Council, MAR 26 2003

Mayor Vera Katz

Commissioner Erik Sten  GARY BLACKMER

Barbara Sack  Auditor of the City of Portland

March 18, 2003  /s/Susan Parsons

 Deputy

BACKING SHEET INFORMATION

AGENDA NO. 265-2003

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 36131