Sherwood, Oregon Property Taxes
The median property tax rate in Sherwood, OR is 0.55%, considerably lower than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Sherwood, the typical annual property tax bill reaches $6,645, significantly exceeding the national median of $2,690. Property taxes in Sherwood are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sherwood'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 Sherwood 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
Sherwood, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$6,599
Ownwell’s Sherwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sherwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sherwood 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 Sherwood, Oregon
Property taxes in Sherwood, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sherwood is 0.55%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Sherwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sherwood 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 Sherwood's effective property tax rate to other areas and the national median. For comparison, the 97140 zip code has both the highest and lowest median property tax rate of 0.55%. Understanding how these areas compare with Sherwood 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 Sherwood Tax Rate
0.55%
Average Yamhill County Tax Rate
0.74%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sherwood, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97140 | 0.46% | 0.50% | 0.55% | 0.60% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Sherwood, Oregon
In Sherwood, 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 Sherwood, 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 Sherwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Sherwood is $6,645, while the lowest is also $6,645, both in zip code 97140.
Average Sherwood Assessed Value
$1,199,875
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 Sherwood, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97140 | $789,628 | $1,009,216 | $1,199,875 | $1,477,465 | $2,096,351 |
Source: Ownwell
Property Tax Bills Across Sherwood, Oregon
Property tax bills in Sherwood, located in Yamhill County, OR, are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value typically reflects a percentage of the property's market value. Homeowners in Sherwood face a median property tax rate of 0.99%, aligning with the national median. However, the actual tax bill can vary significantly depending on the specific characteristics and location of the property. For instance, the 25th percentile tax bill in Sherwood is $5,382, while the 75th percentile tax bill reaches $8,169. At the higher end, the 90th percentile tax bill can be as much as $11,518. These variations are influenced by factors such as property size, improvements, and neighborhood amenities. The highest and lowest median tax bills in Sherwood both stand at $6,645, indicating a relatively consistent tax rate across different properties. Homeowners must budget for these taxes, as they directly impact annual housing costs and overall affordability.
Average Sherwood Tax Bill
$6,645
Average Yamhill County Tax Bill
$3,196
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Sherwood, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97140 | $4,185 | $5,382 | $6,645 | $8,169 | $11,518 |
Source: Ownwell