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l <br />V <br />G`'~' <br />r <br />n rcccnr years, Oregon voters passed <br />cc~ccal tax limitation measures in re- <br />sponso ro rising propcrry ~alues and <br />propercy ~sxes. These mcasures, be- <br />ginn(ng wich che passage of tileasure <br />S in the earJy 1990s chec compresscd o~cr- <br />lsppinA cax races, culminaced In che pas- <br />sago of Mcasure 47 in N~vember 1996, <br />which lowcrcd proptrry values, lim;cing <br />furure g~owch. In May 1997, vocers ap- <br />proved Measurc 50, which cevised and <br />clarified Mcasurc 47. <br />Under Mcasurc 50, property wxes were <br />rolled back c~ ] 996 levols, Icss 10°~0, and <br />fururc tax growch was l;miced a, 3°.o per <br />year plus the value of new canscruccion. <br />As a resulc, local Rovcrnmcnts gcnerall~• <br />saw a reduccion in opcrating pron~r~X <br />_ ~ ., <br />r5~ .- <br />Cities end C <br />In thc casc o <br />SO inicislly I~ <br />fuc many ~;n~ <br />chose in ~he I <br />area-~his re <br />cu be shor~•li <br />pecc rapid Pr <br />pre-Measnre <br />causc Mcasu <br />rcducc spccif <br />owners, local <br />thc powrr ro <br />1Y1~, C8X ~~4V. ~ <br />ernmencs har <br />opera~ions. P <br />rhe benefit ot <br />~nCa) ¢nvcrnr <br />Stone. S Ftancisce 111415•765•50t( Jonatban Cbirunga~n Franc(sco ~~ ~ at 5-765-50 ia <br />._. ~ <br />Sta~rdard ~ Pner's C~td(tWeak Munrcrya! ~ Axgust 17, 1998 <br />~--~ <br />~C.Q.I 1! )' L' S <br />! <br />~re ox~ M . . . . ~ <br />1~.111C1 alltl S <br />g ~ 1~ <br />A ''~ <br />f ter M <br />easure SO ~ <br />. ~~ <br />.~:. <br />~ <br />revenues af about 17%. This amounted co <br />an everage 6% cut in rvtal badget <br />revenues--a reduccion rha~ ncccssitatcd <br />adjuscmencs co local budgees. Howevor, <br />school disaicts were held harmlrss from <br />am• immediare revenue reduccion since che <br />st~ce had cithcr Icgal or moral obligstions <br />ro makc up for thc loss of proper~y cax <br />rr~•enue. To darc, mosr locaJ goeernmencs <br />have been able co rebalsncc thcir budgets <br />«•iihin the Measure SO Iimirs.lY/hilc <br />municipalicies are bentficing in ihc shor~ <br />~o medium cerm from thc rapid growch <br />cha~ continues in many pares of nc~ sc.ace, <br />the rtal tcst of Measure 50's effecrs will <br />likely comc in a rcccssion K~hen propercy <br />~-alues decllne and local g~~emmenrs facc <br />rcduccd revenues. ~ <br />~. <br />cicics and coun~ies, Measure <br />W+e-ed cc.~cnucs. Howe~-er, <br />ernments-pa rtieula rl~. <br />ast-g~owing Portland <br />iucci~n in revenuc appcars <br />~ed. In faa, somc craicics cx- <br />~wth in new c~nstrucrion co <br />SO levels within one ~•ear. Bt- <br />rs 47 and 50 wtre .vrircrn co <br />c tax burdcns 1~ced M~ homc- <br />govemmena n~ longer have <br />set their own general o~ersc- <br />1~der Measure S0, loca) gov- <br />: a permancrit tax ra~c for <br />~licical[y, chis may K-ork ~o <br />some Rovernmencs. Becausc <br />~c~n no longer have concml <br />