Portland-area residents who obtain their property tax statements within the coming days are more likely to see a slight enhance of their payments.
Collections are set to extend throughout the metro space, fueled by will increase in assessed values, new voter-approved levies and bonds, and new building freshly added to the tax rolls.
Washington County expects to gather $1.309 billion from taxes this yr, in comparison with about $1.258 billion final yr, or a rise of 4%. Multnomah County anticipates gathering $2.218 billion for the 2021 tax yr, an 8% enhance from the $2.047 billion collected in 2020. Clackamas County has billed a complete of $998.6 million to residents, in comparison with $962.2 billion the earlier yr. That’s a rise of about 3.7%.
Sometimes, property taxes in Oregon enhance for only some causes. Essentially the most constant is the annual 3% enhance in houses’ and properties’ assessed values, per a state regulation authorised by voters within the 1990s.
Residents may see their tax payments go up in the event that they make main enhancements that add worth to a house.
Taxes can even enhance due to voter-approved bonds or levies. When a bond expires, residents might even see a lower.
Multnomah County Assessor Mike Vaughn mentioned notable tax invoice will increase within the county got here from measures together with the town of Portland’s native possibility levy to fund metropolis parks and the Portland Public Faculties bond, each authorised by voters in November 2020.
Clackamas County voters authorised a number of measures that can enhance taxes, together with new college bonds in Canby and West Linn-Wilsonville college districts.
In Washington County, taxpayers will see will increase from countywide native possibility levies for public security providers and library providers.
In uncommon circumstances, property taxes can rise sooner than anticipated due to a tax reduction measure voters authorised in 1990. Measure 5 restricted property taxes for faculties to $5 per $1,000 of a house’s market worth, and to $10 per $1,000 of market worth for different taxing districts.
That solely comes into impact when a house’s worth has fallen dramatically, as within the late 2000s housing crash. But when that reverses, there’s no restrict on how shortly the tax reduction can evaporate, resulting in bigger year-over-year will increase.
Whereas the pandemic introduced monetary upheaval for some Oregonians — even because it coincided with a dramatic run-up in property values — Vaughn mentioned that’s unlikely to end in main adjustments on this yr’s tax payments.
“I feel when you’re the proprietor of a lodge, you’d see a lower in your tax invoice as a result of the values had been mirrored within the pandemic,” he mentioned. “However particular person householders would doubtless have seen their values go up.”
Vaughn mentioned one of the vital frequent misconceptions he sees from taxpayers is that property taxes can’t enhance by greater than 3% — the annual enhance in houses’ assessed worth dictated by the 1997-passed Measure 50.
However he mentioned it’s essential for taxpayers to appreciate that there’s no limitation on tax will increase.
“In case you get voter approval to spend extra money, then that cash can are available,” he mentioned.
Taxpayers within the Portland metro space ought to obtain their property tax payments this week. Those that full their full cost by Nov. 15 will obtain a 3% low cost. Those that pay two-thirds of their invoice by that date will obtain a 2% low cost. Taxpayers can even pay in three installments — due Nov. 15, Feb. 15 and Could 16.
—Jayati Ramakrishnan; 503-221-4320; [email protected]
— to www.oregonlive.com