Lake Oswego Real Estate Oregon Property Tax Schedule

There are few things in life that are as certain as taxes, especially when it comes to buying, selling, and owning real estate. Oregon’s Property Taxes are somewhat difficult to understand as you are paying back 6 months and forward 6 months of your total property tax bill.

Below are important dates for property taxes, including when they are due, when they may be paid, and how they’re calculated.

Oregon Property Tax Schedule And Timeline

Property taxes have a timeline that is different than most other taxes or bills that we pay. Here are a few important dates:

  • Taxes become payable in October
  • Taxes are due November 15 and may be paid in thirds
  • If paying in installments, the final installment is due May 15
  • July 1 is the beginning of the new fiscal year

Property Assessment

The appraisal process identifies taxable property and assigns a value to it. County assessors appraise most Oregon property and the property value is determined as of January 1 each year.

Property subject to taxation includes all privately owned real property (land, buildings, and fixed machinery and equipment), manufactured homes, and personal property used in a business. There is no property tax on:

  • Personal belongings and automobiles.
  • Crops & orchards.
  • Business inventories.
  • Household furnishings.
  • Certain intangible property.

Tax Rates

Taxes are certified by the taxing districts and the county assessor places them on the tax roll each year in the Fall. Taxes are placed on the tax roll in the form of a rate per $1,000 of assessed value.

When a district certifies a dollar amount tax levy, such as a local option tax or bond tax, the assessor must calculate a tax rate. To compute a tax rate, the tax levy amount is divided by the taxable assessed value of the property in the district. This tax rate is placed on the individual property tax accounts in the district.

The total amount of tax placed on a property is computed by multiplying the property’s assessed value by the combined tax rates of all the districts in which the property is located and then adding any assessments.

Property Tax Annual Cycle in Oregon

Whether you are buying or selling, it is important to know if you have a reserve account with your lender to have funds in an account to pay for any upcoming taxes.

Source:  Ticor Title



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Thinking of Selling Your Lake Oswego Home?

Prices have slowed since July in Lake Oswego and you may want to know the value of your home in today’s Lake Oswego real estate market. Interest rates are still low and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2016. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.