Lafayette, Oregon Property Taxes
The median property tax rate in Lafayette, OR is 0.64%, which is significantly lower than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Lafayette, the typical annual property tax bill reaches $2,672, slightly below the national median of $2,690. Property taxes in Lafayette are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lafayette'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 Lafayette 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
Lafayette, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$2,679
Ownwell’s Lafayette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lafayette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lafayette 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 Lafayette, Oregon
Property taxes in Lafayette, Oregon, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lafayette is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Lafayette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lafayette 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 Lafayette's effective property tax rate to other areas in Oregon and the national median. For comparison, the 97127 zip code has both the highest and lowest median property tax rate of 0.64%. Understanding how these areas compare with Lafayette provides valuable insights into the varying tax landscape across Yamhill County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lafayette Tax Rate
0.64%
Average Yamhill County Tax Rate
0.74%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lafayette, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97127 | 0.50% | 0.59% | 0.64% | 0.68% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Lafayette, Oregon
In Lafayette, 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 Yamhill 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 Lafayette, 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 Lafayette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lafayette are both $2672, found in the 97127 zip code.
Average Lafayette Assessed Value
$418,537
Average Yamhill County Assessed Value
$432,001
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lafayette, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97127 | $148,985 | $310,825 | $418,537 | $485,055 | $590,899 |
Source: Ownwell
Property Tax Bills Across Lafayette, Oregon
In Lafayette, Yamhill County, OR, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is typically lower than the market value and reflects the property's value for tax purposes. The tax rate is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the tax bill, including the property's size, location, and any improvements made. Homeowners in Lafayette can expect property tax bills to vary significantly. For example, the 25th percentile tax bill is around $1,747, while the 75th percentile reaches approximately $3,227. At the higher end, the 90th percentile tax bill can soar to $4,014. These property taxes fund local services such as schools, public safety, and infrastructure, directly affecting homeowners by contributing to the community's overall quality of life. Compared to the national median property tax rate of 0.99%, Lafayette's rates reflect the local economic and property market conditions.
Average Lafayette Tax Bill
$2,672
Average Yamhill County Tax Bill
$3,196
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Lafayette, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97127 | $827 | $1,747 | $2,672 | $3,227 | $4,014 |
Source: Ownwell