Salem, Oregon Property Taxes
The median property tax rate in Salem, OR is 0.89%, slightly lower than the national median of 0.99% but higher than the Oregon state median of 0.86%. With the median home value in Salem at $386,070, the typical annual property tax bill reaches $3,336, surpassing the national median of $2,690. Property taxes in Salem are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. 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
0.89%
Estimate Property Tax Bill
$3,436
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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Salem is 0.89%, slightly below 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 areas within Marion County and the national median. For comparison, the 97306 zip code has the highest median property tax rate of 1.00%, while the 97317 zip code has the lowest median tax rate of 0.76%. Understanding how these areas compare with Salem provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Salem Tax Rate
0.89%
Average Marion 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 |
|---|---|---|---|---|---|
| 97301 | 0.67% | 0.75% | 0.84% | 0.92% | 0.98% |
| 97302 | 0.72% | 0.86% | 0.98% | 1.08% | 1.18% |
| 97303 | 0.52% | 0.68% | 0.82% | 0.87% | 0.96% |
| 97305 | 0.64% | 0.75% | 0.82% | 0.95% | 1.01% |
| 97306 | 0.69% | 0.90% | 1.00% | 1.08% | 1.19% |
| 97317 | 0.56% | 0.67% | 0.76% | 0.84% | 0.96% |
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 Marion 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, Salem’s highest median tax bill is $4,461 in the 97306 zip code, while the lowest is $2,771 in the 97301 zip code.
Average Salem Assessed Value
$386,070
Average Marion County Assessed Value
$390,390
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 |
|---|---|---|---|---|---|
| 97301 | $209,600 | $276,550 | $327,510 | $389,088 | $466,110 |
| 97302 | $275,117 | $346,315 | $426,905 | $544,292 | $702,239 |
| 97303 | $195,996 | $344,900 | $481,840 | $600,990 | $703,698 |
| 97305 | $75,150 | $280,495 | $367,730 | $432,140 | $516,330 |
| 97306 | $282,872 | $365,790 | $461,000 | $587,848 | $718,990 |
| 97317 | $179,000 | $315,895 | $380,520 | $573,465 | $803,530 |
Source: Ownwell
Property Tax Bills Across Salem, Oregon
In Salem, located in Marion County, OR, property tax bills are calculated based on the assessed value of a home rather than its market value. The assessed value is typically lower than the market value and is determined by the local county assessor's office. Several factors influence this assessed value, including the property's size, location, and any improvements made to it. Homeowners in Salem experience a range of property tax bills. For instance, the 25th percentile tax bill is around $2,540, while the 75th percentile reaches approximately $4,571. Those in the 90th percentile may see tax bills as high as $6,129. The highest median tax bill in the area, found in the 97306 zip code, is $4,461, whereas the lowest, in the 97301 zip code, is $2,771. These property taxes significantly impact homeowners' finances, as they are a recurring annual expense that must be budgeted for. With the national median property tax rate at 0.99%, understanding local tax rates and how they are calculated is crucial for Salem residents.
Average Salem Tax Bill
$3,336
Average Marion County Tax Bill
$3,229
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 |
|---|---|---|---|---|---|
| 97301 | $1,635 | $2,218 | $2,771 | $3,280 | $3,959 |
| 97302 | $2,128 | $3,053 | $4,164 | $5,492 | $7,493 |
| 97303 | $1,210 | $2,804 | $3,700 | $4,746 | $5,704 |
| 97305 | $935 | $2,303 | $2,969 | $3,731 | $4,532 |
| 97306 | $2,324 | $3,485 | $4,461 | $5,799 | $7,138 |
| 97317 | $1,485 | $2,422 | $3,016 | $4,113 | $5,476 |
Source: Ownwell