How
to calculate Property Taxes in Bend
Property
taxes are based on the County Assessors "Assessed
Value" - this can vary even within the city
limits, but for a fairly close estimate, do the math
as follows:
For
newly constructed homes in Bend:
Multiply
the purchase price times 70% = this determines your
Assessed Value
Example:
Purchase price $350,000
X
70% = $245,000
Next,
multiply $245,000 X 015.11
(Estimated)
annual property tax is $3,701.95 per year
For
existing homes:
The
Oregon Constitution limits the amount of property
value subject to taxation. The value limit is called
maximum assessed value (MAV). The limit was established
for all property in existence in 1997-98 by a formula
described in the constitutional amendment, Measure
50. MAV for new property is computed using a different
formula also contained in the constitution.
Once established, the MAV is allowed to increase each
year by no more than 3 percent. There are exceptions
to this limit, however. The addition of a new structure,
major improvement of an existing structure, and subdivision
or partition of the property are examples of exceptions
that would increase MAV by more than 3 percent.
Each year the MAV and real market value for each property
are figured. The property is then taxed on the lesser
value, which is called the taxable assessed value.
Basically,
it means that once your house has been included on
the tax roll, those taxes will not go up more than
3% per year. For homes located in Deschutes County,
It it easy to check to see what a properties current
taxes are by clicking
here.
For
more detailed information, here's the State of Oregon's
Official page on Property
Tax.
DISCLAIMER:
I am NOT qualified (or licensed) to answer any legal
or personal finance questions. Please consult a professional
to answer your specific questions.
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