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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

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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

Search For Real Estate

I have a new search site available to find Portland metro and all outlying properties for sale.  You can view RMLS™ information here. My website is also available.

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 1975 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.

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Lake Oswego Real Estate Property Tax Value ResetsPooh

Real Estate Property Tax Values In Oregon

Property tax real market values are assigned by using market activity in a certain geographic area. Measure 50, voted in by the voters in 1997 put a 3% limitation on assessed value increases every year and would have theoretically capped the tax increases at the same rate. Many homeowners, and future buyers, believe that property taxes can only increase by 3% every year.

Problem is, voters have been very generous in voting in bonds and levies over and above the Measure 50 limitation. The library levy and school bond issue voted in by Multnomah County in 2012 are some examples. Those 2 levies increased the average tax bill by over 10% when they were implemented in the 2013 tax bills sent to property owners. Basically, the 3% limitation has “gone away”.

The County Tax Assessor can assign a new or updated value to your home at any time. Further, the County Tax Assessor has the right to levy property taxes for the current tax year plus the prior 5 years! You, as the taxpayer, must prove any errors and/or your innocence

Home Values Increasing

With the Portland metro area and Lake Oswego real estate market values increasing, the County assessor has hired additional workers to “watch” what is currently on the market for sale and what has sold so they can levy additional property taxes.

One of the many things those new hired workers are looking at is what is being posted into the remarks section of our RMLS™ such as any square footage differences from what is recorded in tax records, and any major improvements and remodeling of “significant difference”, etc.  In addition, as real estate agents we post pictures on line of the interior of homes, and the County is looking at those as well.

Gross Error Statute

ORS 305.288 states that if the real market value assigned to you property (from 1 to 4 units only) by the assessor is 20% or more above the actual market value, you have the right to appeal for that year plus the prior 2 (Note: the County can go back 5 years, but you as a homeowner can only go back 2 years).

As an example, if during the recent recession or recently, you sold your house for less than what the county showed as the real market value, you have the right to appeal your taxes.  The court filing fee is $252 to start that process.  You will have to allow the assessor access to your property.  Should the court find in your favor, the statute requires the County Assessor to pay you 12% interest on the over payment of taxes from when you paid them.

Representing Square Footage

There have been several cases lately where there was a huge discrepancy regarding the square footage of a property.  Perhaps you purchased a home that originally had an unfinished daylight basement/basement, and years later you decide to finish that basement.  You have now added living space and additional square footage to your property that has not been assessed. Or there was an area that was deemed storage or other unfinished area such as an attic that you have remodeled, and now you also have more living space.

This is referred to as “omitted property” and the County Assessors are watching closely so they can levy back taxes on your home. When the County Assessors find omitted property, they notify the owner and add the property to the tax rolls.  The law allows them to re-assess the property for the current year and previous years – as indicated above – going back 5 years.  Once omitted property has been added to the tax rolls, the assessment for the omitted property becomes a lien on the property and the owner must pay or risk foreclosure.  Because more new buyers are not willing to purchase property with liens for prior years (and because mortgage lenders will not allow it) property owners must pay those back taxes that are due when they sell the property.

TRC – Tax Roll Correction

In some Clackamas County homes, I am aware the Assessor included unfinished garages as total living square footage.  If you know this to be true, you can file a TRC and request a tax roll correction where you can challenge those property taxes.

If you have any questions about a property, contact the appropriate County Tax Assessor.  Real Estate agents are not permitted to give advice on omitted property assessments.

Search For Real Estate

My new website is also available and you can search for Lake Oswego real estate or any homes for sale in the metro PDX area or surrounding communities –http://bettyjung.com

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

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 1975 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. 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 in violation of federal copyright laws

Lake Oswego Real Estate Property Tax Bill Coming To Lake Oswegohttps://lakeoswegorealestateblog.wordpress.com

Will property taxes increase this year in Lake Oswego?  This always seems to be the question around October every year.

Property Taxes Clackamas County and Lake Oswego

According to the Lake Oswego Review this week:

Clackamas County will collect $725.6 million in property taxes this year — an increase of 6 percent from 2014 — and most property owners will see their bills jump by about 3 percent, according to data released this week by Assessor Bob Vroman.

Vroman said some homeowners will pay more and others less, depending on where they live, whether property values grew and whether their property falls within a district that has approved new construction bonds or operating levies.

In Lake Oswego, for example, the rate levied by the city to pay for bonded debt will actually decrease slightly, leading to an average increase in property tax bills of only 1.5 percent. In the nearby West Linn-Wilsonville School District, a new bond to pay for construction, facility upgrades and technology will lead to higher bills.

But Vroman cautions that taxes are collected on a property-by-property basis, making statements about “typical” tax bills useless.

In an effort to add some clarity, the assessor and his staff have scheduled a series of Town Hall meetings throughout the county. One will be held Oct. 29 at the Lake Oswego Adult Community Center, 505 G Ave. It is scheduled for 2-3:30 p.m.

Statements for 171,591 accounts in Clackamas County are scheduled to be mailed to property owners this week. Initial payments are due Nov. 16. Property owners can pay all at once and qualify for a 3 percent discount, or pay in three installments.

The $725.6 million in tax receipts will be distributed to K-12 schools, which get the largest share at 41.5 percent, as well as to county government, cities, fire protection districts, community colleges, urban renewal districts and other entities.

A series of statewide measures in the 1990s limit what local governments can collect in property taxes, although bond issues are exempt from the limits and voters can override the limits with local-option levies that can last up to five years.

Clackamas County’s real market value and assessed value — the latter is the amount actually subject to property taxation — are both on an upswing.

Vroman says the countywide average real market value of a home is $339,619; the median real market value — half the homes are higher and half lower — is $289,874. The average assessed value of a home is $262,514, roughly 77 percent of the real market value.

The real market value of all property countywide as of Jan. 1 was up 10.5 percent from the previous year, continuing an upward trend since 2013. However, Vroman says the $56 billion total is still $3.6 billion less than at its peak of January 2008.

Assessed value countywide was up 4.7 percent from $42.3 billion to $44.2 billion.

Vroman says property taxpayers in several districts, some only partly within Clackamas County, will see increased tax rates as a result of voter-approved bond issues or operating levies.

They are the city of Portland, 8.7 cents per $1,000 of value for a parks and recreation bond; Tualatin Valley Fire & Rescue, 20 cents (for a total of 45 cents) for an operating levy; Clackamas Community College, 19 cents for a bond; Colton School District, 54 cents for a bond; West Linn-Wilsonville School District, 87 cents for a bond; and Clackamas Fire District 1, 10 cents for a bond.

Bond rates for some governments will drop. In addition to the slight decrease for the City of Lake Oswego, they include the Canby, Estacada, Oregon Trail and Sherwood school districts; the City of Milwaukie, Portland Community College; and Metro.

Vroman says that because of growth in property values, the amount of taxes that will go uncollected because of compression will drop from $13.7 million to $10.3 million this year. The uncollected amount was at a peak of $20 million in 2013-14.

Compression occurs when rates authorized by voters exceed the statewide limits of $5 for schools and $10 for all other local governments, excluding bond issues not subject to the limits.

A research report by the Oregon Department of Revenue, reported that school districts accounted for slightly more than half of the $212 million that went uncollected in property taxes in 2013-14 because of compression, cities about a quarter of the total and county governments about 15 percent.

According to a League of Oregon Cities report earlier this year, compression affects 90 percent of Oregon’s 197 school districts, 34 of 36 counties, and about half of its 242 cities.

Search For Real Estate

I have a new search site available to find Portland metro and all outlying properties for sale.  You can view RMLS™ information here. My website is also available.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

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 1975 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. 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.

Contact Betty Jung

Betty Jung, Broker
REALTOR®
CRS, GRI, ABR, SRES, CNHSS

Summa Pacific Cascade
4949 Meadows Rd. #100
Lake Oswego, Oregon 97035

Licensed in the State of Oregon

503-804-9685 Cell

or email:betty@bettyjung.com

"Selling Real Estate Since 1978. There Is No Substitute For Experience!"

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