Prescott, Oregon Property Taxes
The median property tax rate in Prescott, Oregon is 1.26%, considerably higher than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Prescott, the typical annual property tax bill reaches $692, which is below the national median of $2,690. Property taxes in Prescott are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Prescott's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Prescott or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prescott, Oregon Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Prescott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prescott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prescott to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Prescott, Oregon
Property taxes in Prescott, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prescott is 1.26%, significantly higher than the U.S. national median of 0.99%. Local government entities within Prescott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prescott estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Prescott's effective property tax rate to other areas in Oregon and the national median. For comparison, the zip code 97048 has both the highest and lowest median property tax rate of 1.26%. Understanding how these areas compare with Prescott provides valuable insights into the varying tax landscape across Columbia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prescott Tax Rate
1.26%
Average Columbia County Tax Rate
0.75%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prescott, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97048 | 1.26% | 1.26% | 1.26% | 1.26% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Prescott, Oregon
In Prescott, Oregon, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Columbia County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Prescott, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Prescott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Prescott are both $692, found in the zip code 97048.
Average Prescott Assessed Value
$55,100
Average Columbia County Assessed Value
$443,380
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prescott, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97048 | $55,100 | $55,100 | $55,100 | $55,100 | $55,100 |
Source: Ownwell
Property Tax Bills Across Prescott, Oregon
In Prescott, located in Columbia County, OR, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For Prescott, the median home price is relatively low at $55,100, contributing to the overall tax bill. The tax bill itself is influenced by various factors, including the property's location, any applicable exemptions, and the specific tax rates set by local authorities. In Prescott, the median property tax bill stands at $692, which is significantly lower than the national median property tax rate of 0.99%. This lower tax bill can provide substantial financial relief for homeowners, making it an attractive area for potential buyers. Additionally, the consistency in tax bills across different percentiles, such as the 25th, 75th, and 90th, all being $692, indicates a stable and predictable tax environment. This stability helps homeowners plan their finances more effectively, knowing that their property tax obligations won't fluctuate dramatically.
Average Prescott Tax Bill
$692
Average Columbia County Tax Bill
$3,263
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Prescott, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97048 | $692 | $692 | $692 | $692 | $692 |
Source: Ownwell