Cove, Oregon Property Taxes
The median property tax rate in Cove, OR is 0.60%, significantly lower than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Cove at $305,585, the typical annual property tax bill amounts to $1,864, which is well below the national median of $2,690. Property taxes in Cove are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cove'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 Cove or another part of Union County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cove, 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 Cove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cove 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 Cove, Oregon
Property taxes in Cove, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cove is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Cove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cove 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 Cove's effective property tax rate to other areas in Oregon and the national median. For comparison, the zip code 97824 has both the highest and lowest median property tax rate in Union County at 0.60%. Understanding how these areas compare with Cove provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cove Tax Rate
0.60%
Average Union County Tax Rate
0.94%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cove, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97824 | 0.46% | 0.54% | 0.60% | 0.65% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Cove, Oregon
In Cove, 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 Union County Appraisal District 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 Cove, 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 Cove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cove are both $1,864, found in the 97824 zip code.
Average Cove Assessed Value
$305,585
Average Union County Assessed Value
$216,270
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cove, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97824 | $145,080 | $211,522 | $305,585 | $438,578 | $593,900 |
Source: Ownwell
Property Tax Bills Across Cove, Oregon
In Cove, Union County, OR, property tax bills are determined based on the assessed value of a home, which is distinct from its market value. The assessed value is used to calculate the tax bill, factoring in the local tax rate and any applicable exemptions. The median home price in Cove is $305,585, which serves as a baseline for understanding typical tax bills in the area. Property tax bills in Cove vary significantly. At the 25th percentile, homeowners can expect to pay around $1,242 annually, while those at the 75th percentile might see bills as high as $2,646. For the top 10% of properties, tax bills can reach up to $3,533. The median tax bill in the zip code 97824, which covers Cove, is $1,864, aligning with the national median property tax rate of 0.99%. These tax bills impact homeowners by influencing their overall housing costs. Higher tax bills can affect affordability, while lower bills can provide some financial relief, making homeownership more manageable.
Average Cove Tax Bill
$1,864
Average Union County Tax Bill
$1,979
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Cove, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97824 | $743 | $1,242 | $1,864 | $2,646 | $3,533 |
Source: Ownwell