Is Urban Renewal a new tax?

No. This is not a new property tax. Tax bills for property within the urban renewal area do not increase because of urban renewal. 

Urban renewal changes how the tax revenue is distributed. Property taxes will not increase due to urban renewal within the area.

The money to pay for projects is generated by the new development and property appreciation in the urban renewal area.

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1. How does Urban Renewal work?
2. Who is affected by Urban Renewal?
3. Is Urban Renewal a new tax?
4. Does Urban Renewal show up on my tax bill?