How are property taxes calculated in your county? Why is one home assessed at a high value while another one just down the street is low. Here’s some insight as to how these decisions are made.
The wonderful thing about taxes in Oregon, is that they don’t automatically go up over time. For example, if you purchase your home for $300,000 and over time your home accumulates a value of $600,000, a tax assessor cannot simply assess the property for $600,000. According to Oregon Tax Code, a property’s assessed value can only go up approximately 3% each year, even if it’s sold multiple times over.
A couple reasons your property’s assessed tax value could increase (but won’t necessarily) would be if, you participated in a permitted re-model or if you happened to live in an area that gets reassessed due to necessity, every 10 – 15 years.
Keep in mind I’m not a tax assessor myself, for those detailed questions and in order to get thorough insight into your specific area, you’ll want to meet with your local county assessor and get an opinion from them.
If you are interested in Manzanita Real Estate or Surrounding areas. Please feel welcome to reach out.
Tosha Reinmiller
Principal Broker
Living Room Realty – Manzanita
(541) 231-5829
tosha@livingroomre.com