Sheridan, Oregon Property Taxes
The median property tax rate in Sheridan, OR is 0.49%, significantly lower than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Sheridan at $158,395, the typical annual property tax bill is around $741, well below the national median of $2,690. Property taxes in Sheridan 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 Sheridan'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 Sheridan or another part of Polk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sheridan, 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 Sheridan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sheridan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sheridan 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 Sheridan, Oregon
Property taxes in Sheridan, Oregon, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sheridan is 0.49%, lower than both the Oregon state median and the U.S. national median of 0.99%. Local government entities within Sheridan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sheridan 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 Sheridan's effective property tax rate to other counties in Oregon and the national median. For comparison, the 97378 zip code has both the highest and lowest median property tax rate of 0.49%. Understanding how these cities compare with Sheridan provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sheridan Tax Rate
0.49%
Average Polk County Tax Rate
0.82%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sheridan, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97378 | 0.16% | 0.27% | 0.49% | 0.71% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Sheridan, Oregon
In Sheridan, 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 Polk 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 Sheridan, 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 Sheridan 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 bill in Sheridan is 97378, with a median tax bill of $741.
Average Sheridan Assessed Value
$158,395
Average Polk County Assessed Value
$397,555
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sheridan, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97378 | $44,445 | $71,568 | $158,395 | $376,170 | $574,703 |
Source: Ownwell
Property Tax Bills Across Sheridan, Oregon
In Sheridan, located in Polk County, Oregon, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. This assessed value is typically lower than the market value, providing some relief to homeowners. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including property improvements, neighborhood changes, and local government budgets. In Sheridan, the median home price stands at $158,395, and property tax bills can vary widely. For instance, the 25th percentile tax bill is $367, while the 75th percentile tax bill reaches $1,626. At the 90th percentile, homeowners might see a tax bill as high as $2,669. Compared to the national median property tax rate of 0.99%, Sheridan's property taxes reflect the local economic conditions and public service funding needs. For homeowners, understanding these variables is crucial for financial planning and anticipating annual expenses.
Average Sheridan Tax Bill
$741
Average Polk County Tax Bill
$3,175
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Sheridan, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97378 | $186 | $367 | $741 | $1,626 | $2,669 |
Source: Ownwell