Newport, Oregon Property Taxes
The median property tax rate in Newport, OR is 1.01%, slightly above the national median of 0.99% and significantly higher than Oregon's state median of 0.86%. With the median home value in Newport at $369,300, the typical annual property tax bill reaches $3,612, surpassing the national median of $2,690. Property taxes in Newport are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Newport'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 Newport 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
Newport, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$3,730
Ownwell’s Newport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newport 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 Newport, Oregon
Property taxes in Newport, Oregon, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newport is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Newport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newport 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 Newport's effective property tax rate to other counties in Oregon and the national median. For comparison, the 97365 zip code has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Newport provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newport Tax Rate
1.01%
Average Lincoln County Tax Rate
0.84%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newport, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97365 | 0.71% | 0.85% | 1.01% | 1.14% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Newport, Oregon
In Newport, 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 Lincoln 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 Newport, 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 Newport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 97365, with a median tax bill of $3,612.
Average Newport Assessed Value
$369,300
Average Lincoln County Assessed Value
$341,090
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newport, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97365 | $159,608 | $254,290 | $369,300 | $520,750 | $711,986 |
Source: Ownwell
Property Tax Bills Across Newport, Oregon
In Newport, OR, property tax bills are calculated based on the assessed value of the property, which is determined by the Lincoln County Assessor’s Office. The assessed value is often lower than the market value and is adjusted annually to reflect changes in the real estate market. Property tax rates in Newport vary, but the median property tax rate in the area is significantly influenced by local levies and voter-approved measures. For example, homeowners in Newport can expect their property tax bills to range widely. At the 25th percentile, the tax bill is approximately $2,401, while at the 75th percentile, it rises to about $5,214. For those in the 90th percentile, the bill can reach up to $7,448. These variations depend on the property's assessed value and specific tax rates applied within different areas of Lincoln County. This system ensures that property taxes are distributed fairly based on property value, but it also means that homeowners need to be aware of potential fluctuations in their annual tax bills.
Average Newport Tax Bill
$3,612
Average Lincoln County Tax Bill
$2,817
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Newport, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97365 | $1,412 | $2,401 | $3,612 | $5,214 | $7,448 |
Source: Ownwell