![]() In many ways, you can see your property tax as an investment in your local community that can bring about financial benefit for your family. ![]() In turn, this makes your home's value rise. These amenities build value in your community. Paying taxes isn't necessarily fun, so it can be helpful to think about all the services and amenities you get to enjoy in return. Your property taxes directly support a wide variety of public services, including parks, EMS, and schools. Oregon's property tax system is one of the most important sources of revenue for local governments across the state. How Does My Community Use Property Taxes? ![]() Knowing exactly when your bill will arrive and need to be paid makes it easier to save money throughout the year so you don't have to pay a large lump sum all at once. These dates are set at the state level, meaning they apply across every county. November 15 - the date your first payment is due.October 25 - you'll receive your bill by this date.July 1 - the beginning of the fiscal year.Regardless of where you live in Oregon, you'll want to keep the following dates in mind so you can be prepared to receive and pay your property tax bill: Some counties allow you to split your payment up into monthly, quarterly, or biannual payments, or offer discounts for paying early. Each county's instructions are different. The bill for this tax will come from your county's tax office to your home, making it easy for you to pay off the balance. When you pay off your mortgage in full, you also take over responsibility for ensuring your property tax gets paid in full and on time. They put this money into an escrow account, and when your annual property tax is due, they pay the bill on your behalf with those funds. To ensure accurate payments, your loan servicer will estimate your tax bill, divide it by 12, then add that amount to your other mortgage costs (i.e., principal and interest). Your monthly mortgage bill includes your property taxes as a built-in part of your payment. Depending on your circumstances, you can pay your property taxes in one of two ways: Monthly Mortgage Payment In Oregon, county governments are responsible for collecting property tax. At that rate, if your home is valued at $250,000, you would owe about $2,275 in taxes per year. On average, counties in Oregon collect 0.91% of a property's value in taxes each year, though this can be higher or lower depending on where you live. Your local tax office will take your assessed value and multiply that by your area's tax rate. The property tax rate is determined at the county level. MAV is unique to Oregon's property tax system and was created to ensure that a homeowner's tax burden doesn't rise more than 3% in a given year. ![]() Your MAV is the greater of 103% of the prior year's assessed value or 100% of the prior year's MAV. MAV is a taxable value limit established for each property by Oregon law. So, if homes of comparable size and quality in your area are selling for more now than they were the year before, you can expect your RMV to go up. County assessors calculate RMV by comparing sales of local properties that are similar to your own. Your home's RMV is the price your property would sell for if you sold it on January 1, the assessment date for the tax year. It's beneficial for homeowners to understand what these values are and how they're calculated, but you don't need to worry about actually doing the math yourself. Oregon defines your property's assessed value as the lower of its real market value (RMV) or its maximum assessed value (MAV). They are based on the assessed value of your home. ![]() Property taxes are known as an ad valorem ("according to value") tax. Let's take a look at how Oregon's property taxes are assessed and paid. On top of that, these taxes help fund essential services in your local community. The good news is that it's easy to pay your Oregon property tax. Oregon residents may not pay sales tax, but property taxes are fact of life for homeowners in the state. ![]()
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