Otter Rock, Oregon Property Taxes
The median property tax rate in Otter Rock, OR is 0.76%, which is lower than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Otter Rock at $452,060, the typical annual property tax bill reaches $3,467, surpassing the national median of $2,690. Property taxes in Otter Rock are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Otter Rock'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 Otter Rock 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
Otter Rock, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$3,436
Ownwell’s Otter Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Otter Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Otter Rock 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 Otter Rock, Oregon
Property taxes in Otter Rock, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otter Rock is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Otter Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otter Rock 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 Otter Rock's effective property tax rate to other areas in Oregon and the national median. For comparison, the zip code 97369 has the highest median property tax rate of 0.76%, while the same zip code also has the lowest median tax rate of 0.76%. Understanding how these areas compare with Otter Rock provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Otter Rock Tax Rate
0.76%
Average Lincoln County Tax Rate
0.84%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otter Rock, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97369 | 0.60% | 0.68% | 0.76% | 0.83% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Otter Rock, Oregon
In Otter Rock, 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 Lincoln 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 Otter Rock, 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 Otter Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 97369 has both the highest and lowest median tax bill, valued at $3,467.
Average Otter Rock Assessed Value
$452,060
Average Lincoln County Assessed Value
$341,090
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Otter Rock, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97369 | $163,850 | $285,640 | $452,060 | $655,910 | $882,790 |
Source: Ownwell
Property Tax Bills Across Otter Rock, Oregon
In Otter Rock, located in Lincoln County, OR, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value typically reflects a percentage of the property's market value. For instance, with a median home price of $452,060, homeowners can expect their tax bills to vary significantly. Factors such as property location, size, and any improvements made to the home are considered when determining the assessed value. The median property tax rate in the area can lead to substantial tax bills. For example, tax bills at the 25th percentile are approximately $2,205, while those at the 75th percentile can reach up to $5,338. At the 90th percentile, homeowners might face tax bills as high as $7,109. These figures highlight the potential financial impact on homeowners and underscore the importance of understanding property taxes in Otter Rock. Comparatively, the national median property tax rate stands at 0.99%, making it essential for homeowners to be aware of how local rates can affect their expenses.
Average Otter Rock Tax Bill
$3,467
Average Lincoln County Tax Bill
$2,817
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Otter Rock, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97369 | $1,107 | $2,205 | $3,467 | $5,338 | $7,109 |
Source: Ownwell