What it does:
Property tax in Oregon helps support fire protection, police, education and other services provided by such local taxing districts as cities and counties.
Amount you pay:
This is based on two things, both of which have limits based on the Oregon constitution.
- the assessed value of your property
- the amount your district is authorized to raise
Assessment:
This is based on the lower market value. The tax assessor determines the real market value (RMV) and calculates the maximum assessed value (MAV). Your taxed amount reflects the lesser of these two which is the assessed value.
Real Market Value (RMV):
In general, RMV is the price a willing buyer would pay and a willing seller would sell on January 1, the assessment date used. The initial RMV is comprised of a physical inspection and a comparison of market data for similar properties. In following years since this determination, it is usually based on trends of like properties in the area.
Maximum Assessed Value (MAV):
MAV is the taxable value limit that has been established for each property. This was set in 1997-98 tax year. Then it was the real market value minus 10%. These can increase for two reasons only:
Amaximum 3% increase annually OR A specific property events.
1. Three Percent Increase: Subsequent to 1997- 89, MAV will increase 3% unless the RMV of the property is less than MAV for two years in a row. Should that happen, MAV will not increase in the second year. There are certain property events that can cause the MAV to increase more than 3%:
2. Property Events:
b. A property is modified in any
c. If a bond measure is passed in your area
Property Tax Statements:
The tax year is July 1 through June 30. October is usually when both your value notice and your property tax bill arrive. This bill may include other taxes depending on services provided to your area. These other charges, taxes, assessments or fees may not be based on property value.
Payments:
- At least 1/3 must be paid before November 15th to avoid an interest charge
- Additional 1/3 payments must be made by February 15th & May 15th
- If you pay in full by November 15th, you receive a 3% discount
- If you pay 2/3 of the full amount by November 15th you receive a 2% discount on the amount paid
You will be charged interest for payments made after its due date (1.33% per month or 16% annually)
- Or, your taxes can be paid along with your mortgage payment
For more information, please check out the following links:
Washington County
Clackamas County
Multnomah County
Yamhill County
Oregon Property Tax Information
