Salem, Oregon Property Taxes
The median property tax rate in Salem, OR is 0.76%, which is notably lower than both the national median of 0.99% and the Oregon state median of 0.86%. With a median home value of $314,570 in Salem, the typical annual property tax bill amounts to $2,405, falling below the national median of $2,690. Property taxes in Salem are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Salem'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 Salem 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
Salem, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$2,391
Ownwell’s Salem Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Salem with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Salem 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 Salem, Oregon
Property taxes in Salem, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Salem is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Salem set these rates annually, and they can vary significantly across different neighborhoods. Each year, Salem 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 Salem's effective property tax rate to other counties in Oregon and the national median. For comparison, the 97302 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these areas compare with Salem 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 Salem Tax Rate
0.76%
Average Lincoln County Tax Rate
0.84%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Salem, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97302 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Salem, Oregon
In Salem, 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 Salem, 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 Salem helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 97302 has the highest and lowest median tax bill at $2405.
Average Salem Assessed Value
$314,570
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 Salem, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97302 | $314,570 | $314,570 | $314,570 | $314,570 | $314,570 |
Source: Ownwell
Property Tax Bills Across Salem, Oregon
Property tax bills in Salem, Lincoln County, Oregon, are calculated based on the assessed value of a property, which is determined by the local county assessor. The assessed value is often lower than the market value and is adjusted annually. Factors influencing the tax bill include the property's location, size, and any improvements made. For homeowners in Salem, the median home price is $314,570, with a corresponding median property tax bill of $2,405. This tax bill is consistent across various percentiles, reflecting a stable property tax rate within the area. Compared to the national median property tax rate of 0.99%, Salem's property tax rate is relatively moderate, providing some financial relief to homeowners. The highest and lowest median tax bills in Salem both stand at $2,405, specifically in the 97302 zip code, indicating uniformity in tax assessments. Homeowners benefit from predictable tax obligations, allowing for better financial planning and stability.
Average Salem Tax Bill
$2,405
Average Lincoln County Tax Bill
$2,817
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Salem, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97302 | $2,405 | $2,405 | $2,405 | $2,405 | $2,405 |
Source: Ownwell