Monroe, Oregon Property Taxes
The median property tax rate in Monroe, OR is 0.57%, considerably lower than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Monroe at $333,011, the typical annual property tax bill reaches $1,982, which is below the national median of $2,690. Property taxes in Monroe 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 Monroe'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 Monroe 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
Monroe, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$1,898
Ownwell’s Monroe Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Monroe with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Monroe to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-specific trends, more localized information is available below. Your property’s assessed value is determined by the county and is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Monroe, Oregon
Property taxes in Monroe, Oregon, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe is 0.57%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Monroe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroe 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 Monroe's effective property tax rate to other counties in Oregon and the national median. For comparison, the 97456 zip code has both the highest and lowest median property tax rate of 0.57%. Understanding how these cities compare with Monroe 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 Monroe Tax Rate
0.57%
Average Lane County Tax Rate
0.86%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97456 | 0.40% | 0.47% | 0.57% | 0.62% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Monroe, Oregon
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Monroe, Oregon. 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 Monroe, 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. Monroe's highest and lowest median tax bills are both $1,982, found in the zip code 97456. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Monroe Assessed Value
$333,011
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 Monroe, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97456 | $37,119 | $143,368 | $333,011 | $549,915 | $700,916 |
Source: Ownwell
Property Tax Bills Across Monroe, Oregon
In Monroe, property tax bills are determined based on the assessed value of a home, which is calculated by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Various factors influence the assessed value, including the property's market value, location, and any improvements or renovations made to the home. For homeowners in Monroe, this means that the property tax bill can vary significantly. For instance, the tax bill for the 25th percentile is $638, while it jumps to $3,255 at the 75th percentile and reaches $4,351 at the 90th percentile. These figures show the range of tax bills homeowners might expect, depending on their property's assessed value. With the national median property tax rate at 0.99%, Monroe's property tax bills reflect a substantial financial consideration for homeowners, impacting their annual budgeting and long-term financial planning.
Average Monroe Tax Bill
$1,982
Average Lane County Tax Bill
$3,052
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97456 | $276 | $638 | $1,982 | $3,255 | $4,351 |
Source: Ownwell