It’s Almost Property Tax Time Again
November marks the time of year when property taxes are due. The tax year runs on a fiscal calendar from July 1st, to June 30th. Statements will be mailed out no later than October 25th, 2012 and payment is due November 15th. The County gives you an option to pay your taxes in full and receive a 3% discount or pay 2/3rds of the total and receive a 2% discount. You can make installment payments but there is a small interest charge. Installments are made November, February and May.
The question I am asked the most is why do my property taxes continue to rise even though my property’s value has declined over the past five years? The answer is Measure 50. In 1997 the voters in Oregon approved measure 50 which was intended to smooth out the large swings in property tax revenue. Each year now, unless there is new construction on the property, the maximum amount taxes can go up is 3%. This is based on a value that was assessed in 1995/1996 minus 10%. Each year this value will go up 3% (Maximum Assessed Value). The Statement also shows a Real Market Value that the assessor’s office determines. If your Real Market Value is below your maximum assessed value, then your taxes will be based on the real market value. Otherwise, they are based on that maximum assessed value and go up 3% each year.
If you disagree with the assessment of your property you can appeal it. In order to do that you need to fill out the form and submit it to the County Clerk’s office prior to December 31, 2012. You need to make a case for why the value of your property is less than that stated on the statement. Typically, the Clerk’s office then will set up a hearing with the Board of Property Tax Appeals for you to make your case.
It can be a little confusing, so if you receive your statement and have questions, please feel free to contact me to discuss. My direct line is 541.842.2409