Independence, Oregon Property Taxes
The median property tax rate in Independence, OR is 0.85%, slightly lower than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Independence at $341,010, the typical annual property tax bill reaches $2,914, surpassing the national median of $2,690. Property taxes in Independence 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 Independence'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 Independence 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
Independence, 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 Independence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Independence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Independence 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 Independence, Oregon
Property taxes in Independence, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Independence is 0.85%, slightly lower than the U.S. national median of 0.99%. Local government entities within Independence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Independence 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 Independence's effective property tax rate to other areas in Polk County and the national median. For comparison, the zip code 97351 has both the highest and lowest median property tax rate of 0.85%, identical to Independence's rate. Understanding how these areas compare with Independence provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Independence Tax Rate
0.85%
Average Polk County Tax Rate
0.82%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Independence, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97351 | 0.57% | 0.73% | 0.85% | 0.91% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Independence, Oregon
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Independence, 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 Polk 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 Independence, 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. The median home price in Independence is $341,010, with tax bills ranging from $2,045 at the 25th percentile to $4,780 at the 90th percentile. The highest and lowest median tax bills are both $2,914 in the 97351 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Independence Assessed Value
$341,010
Average Polk County Assessed Value
$397,555
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Independence, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97351 | $93,250 | $265,665 | $341,010 | $428,190 | $556,440 |
Source: Ownwell
Property Tax Bills Across Independence, Oregon
Property tax bills in Independence, located in Polk County, Oregon, are calculated based on the assessed value of a property, which is often lower than its market value. The assessed value is determined by the county assessor and takes into account various factors such as property size, location, and improvements. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Independence, the median home price is $341,010, and property tax bills can range significantly. For instance, homeowners at the 25th percentile can expect a tax bill around $2,045, while those at the 75th percentile might see bills closer to $3,609. At the 90th percentile, tax bills can reach up to $4,780. These property taxes contribute to local services such as schools, emergency services, and infrastructure, impacting the overall cost of homeownership. Compared to the national median property tax rate of 0.99%, the rates in Independence can vary, influencing how affordable it is to live in this area.
Average Independence Tax Bill
$2,914
Average Polk County Tax Bill
$3,175
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Independence, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97351 | $878 | $2,045 | $2,914 | $3,609 | $4,780 |
Source: Ownwell