Many Oregon property tax bills are going up, despite falling market values.
Many Oregon property tax bills are going up, despite falling market values.
The taxes are pegged to values set in January, so property values won’t reflect more recent upward trends in home prices across the metro area and statewide. But still, thanks to Oregon’s tax structure that separates market value from tax assessment value, most homeowners in the Portland area will see a bill higher than last year’s.
Some, particularly in areas hard-hit in the housing crisis, will see their tax bills reduced because their property’s real market value — the amount it would fetch from a hypothetical buyer on the open market — has fallen below its legally assessed value. When that happens, taxes are pegged to the lower number.
Read more at OregonLive.com.
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