Genentech successfully appealed its property taxes at its Hillsboro facility, which means the city’s general fund will take a hit.
Genentech successfully appealed its property taxes at its Hillsboro facility, which means the city’s general fund will take a hit.
The decision between the company and the Oregon Department of Revenue last August resulted in a $162.6 million reduction in assessed value, according to Hillsboro Finance Director Suzanne Linneen.
“This is why we have reserves,” Linneen said. “This is exactly why, so we don’t overreact and we don’t do anything in haste.”
The city tries to keep 15 percent of its budget in reserves, but that’s unlikely this coming year. Hillsboro has roughly $10.2 million set aside, according to a budget snapshot, which is about 11 percent.
Read more at OregonLive.com.
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