Prospect, Oregon Property Taxes
The median property tax rate in Prospect, OR is 0.38%, significantly lower than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Prospect, the typical annual property tax bill reaches $628, well below the national median of $2,690. Property taxes in Prospect are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Prospect's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Prospect or another part of Jackson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prospect, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$504
Ownwell’s Prospect Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prospect with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prospect 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 Prospect, Oregon
Property taxes in Prospect, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prospect is 0.87%, slightly lower than the Oregon state median of 0.90% but still below the U.S. national median of 0.99%. Local government entities within Prospect set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prospect 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 Prospect's effective property tax rate to other counties in Oregon and the national median. For comparison, the highest median property tax rate in the state is found in 97124, with a rate of 1.17%, while the lowest median tax rate is in 97411, at 0.60%. Understanding how these cities compare with Prospect provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prospect Tax Rate
0.38%
Average Jackson County Tax Rate
0.87%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prospect, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97536 | 0.22% | 0.28% | 0.38% | 0.49% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Prospect, Oregon
In Prospect, 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 Jackson County Assessor 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 Prospect, 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 Prospect helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $628.00 in zip code 97536, whereas the lowest is also $628.00 in the same zip code.
Average Prospect Assessed Value
$132,515
Average Jackson County Assessed Value
$322,910
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prospect, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97536 | $27,104 | $60,965 | $132,515 | $245,382 | $377,252 |
Source: Ownwell
Property Tax Bills Across Prospect, Oregon
In Prospect, Jackson County, OR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is often lower than the market value and is adjusted annually. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as local tax levies, school funding needs, and municipal services contribute to the overall tax rate. For homeowners in Prospect, property taxes can vary significantly. The 25th percentile tax bill is around $135, indicating that some homeowners pay relatively low taxes. However, at the 75th percentile, the tax bill jumps to approximately $1,184, and at the 90th percentile, it reaches about $1,773. This range shows how property taxes can impact homeowners differently based on their property's assessed value and the specific tax levies in their area. Comparatively, the median property tax rate in Prospect is lower than the national median of 0.99%, providing some relief to local homeowners.
Average Prospect Tax Bill
$628
Average Jackson County Tax Bill
$2,797
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Prospect, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97536 | $59 | $135 | $628 | $1,184 | $1,773 |
Source: Ownwell