No. Urban renewal does not raise property taxes.
Instead, the allocation of revenues received from a property taxpayer’s payment is changed as a portion of that payment would go to the new urban renewal area. This is called “division of taxes” and is the administrative way that assessors must calculate the urban renewal revenue.
Because Eugene has two urban renewal districts, all property taxpayers see a line item on their property tax bills that shows a division of taxes for urban renewal. This is a result of the property tax limitations in Oregon. Again, this is not an increase in property taxes, merely a division of taxes already paid. If urban renewal districts were terminated in Eugene, the amount of taxes property owners pays would not decrease, they would simply be reallocated to the other taxing districts.