Albany, Oregon Property Taxes
The median property tax rate in Albany, OR is 0.95%, slightly below the national median of 0.99% but higher than the Oregon state median of 0.86%. With the median home value in Albany at $387,830, the typical annual property tax bill reaches $3,721, significantly surpassing the national median of $2,690. Property taxes in Albany 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 Albany'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 Albany 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
Albany, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$3,684
Ownwell’s Albany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albany 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 Albany, Oregon
Property taxes in Albany, Oregon, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany is 0.95%, slightly lower than the U.S. national median of 0.99%. Local government entities within Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albany 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 Albany's effective property tax rate to other zip codes in Linn County and the national median. For comparison, the 97322 zip code has the highest median property tax rate of 0.98%, while the 97321 zip code has the lowest median tax rate of 0.89%. Understanding how these areas compare with Albany provides valuable insights into the varying tax landscape across Linn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
0.95%
Average Linn County Tax Rate
0.82%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97321 | 0.62% | 0.77% | 0.89% | 1.03% | 1.12% |
| 97322 | 0.67% | 0.86% | 0.98% | 1.04% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Albany, Oregon
In Albany, 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 Linn County Assessor's Office 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. 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 Albany helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, zip code 97321 has the highest median tax bill at $3,941, while zip code 97322 has the lowest at $3,647.
Average Albany Assessed Value
$387,830
Average Linn County Assessed Value
$372,065
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97321 | $243,991 | $329,620 | $429,945 | $552,172 | $643,393 |
| 97322 | $118,690 | $320,010 | $376,170 | $439,080 | $545,286 |
Source: Ownwell
Property Tax Bills Across Albany, Oregon
In Albany, Linn County, OR, property tax bills are calculated based on the assessed value of a home, which differs from its market value. The assessed value is determined by local tax assessors and is used to calculate the tax bill by applying the local tax rate. Various factors influence the assessed value, including the property's size, location, and condition. Homeowners in Albany can expect property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $2,862, while at the 75th percentile, it's $4,549. The highest median tax bill in Albany is in the 97321 ZIP code, amounting to $3,941, compared to the lowest median tax bill of $3,647 in the 97322 ZIP code. Given the national median property tax rate of 0.99%, Albany's property taxes can be relatively high, impacting homeowners' annual expenses. Understanding these factors can help homeowners better anticipate their property tax obligations and manage their finances accordingly.
Average Albany Tax Bill
$3,721
Average Linn County Tax Bill
$3,138
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97321 | $1,933 | $2,804 | $3,941 | $4,931 | $5,917 |
| 97322 | $1,060 | $2,898 | $3,647 | $4,307 | $5,149 |
Source: Ownwell