Lorane, Oregon Property Taxes
The median property tax rate in Lorane, OR is 0.54%, significantly lower than both the national median of 0.99% and Oregon's state median of 0.86%. With a median home value of $239,326 in Lorane, the typical annual property tax bill is approximately $1,136, well below the national median of $2,690. Property taxes in Lorane are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lorane'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 Lorane or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lorane, 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 Lorane Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lorane with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lorane 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 Lorane, Oregon
Property taxes in Lorane, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lorane is 0.54%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Lorane set these rates annually, and they can vary across different neighborhoods. Each year, Lorane 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 Lorane's effective property tax rate to other areas in Oregon and the national median. For comparison, the zip code 97451 has both the highest and lowest median property tax rate in the region, at 0.54%. Understanding how these areas compare with Lorane provides valuable insights into the varying tax landscape across Lane County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lorane Tax Rate
0.54%
Average Lane County Tax Rate
0.86%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lorane, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97451 | 0.34% | 0.42% | 0.54% | 0.64% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Lorane, Oregon
In Lorane, 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 Lane 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 Lorane, 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 Lorane helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 97451 has both the highest and lowest median tax bill at $1,136, reflecting the uniformity in tax burdens across different properties.
Average Lorane Assessed Value
$239,326
Average Lane County Assessed Value
$368,888
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lorane, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97451 | $52,557 | $111,258 | $239,326 | $416,742 | $539,601 |
Source: Ownwell
Property Tax Bills Across Lorane, Oregon
In Lorane, Lane County, OR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The assessed value is typically lower than the market value and is adjusted annually to reflect changes in the market. The tax rate is applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For instance, Lorane homeowners may see tax bills ranging from $514 at the 25th percentile to $3,156 at the 90th percentile. The median home price in Lorane is $239,326, with the median tax bill at $1,136, which is higher than the national median property tax rate of 0.99%. These property taxes fund essential services such as schools, public safety, and infrastructure, directly affecting homeowners by contributing to the community's overall quality of life. Understanding these factors can help homeowners anticipate their tax obligations and budget accordingly.
Average Lorane Tax Bill
$1,136
Average Lane County Tax Bill
$3,052
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Lorane, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97451 | $168 | $514 | $1,136 | $2,198 | $3,156 |
Source: Ownwell