By Taxpayer Association of Oregon
According to the Portland Business Journal, the 750,000 square foot, office building, Montgomery Park, is heading to foreclosure as the owner is unable to make payments on the $149 million debt.
Tenants have left as Portland faces an occupancy rate far below the national average.
This comes as during the pandemic Portland, Multnomah County and Metro all separately raised income and business taxes to make Portland one of the highest taxed places in America. In 2019, State lawmakers passed the state’s largess tax increase on businesses (CAT tax). These taxes are driving people out of the region.