Albany, Oregon Property Taxes
The median property tax rate in Albany, OR is 1.01%, slightly above the national median of 0.99% and significantly higher than the Oregon state median of 0.86%. With the median home value in Albany at $512,780, the typical annual property tax bill reaches $5,112, well above the national median of $2,690. Property taxes in Albany are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. 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 Benton County, grasping 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
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany is 1.01%, slightly higher 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 areas in Benton County and the national median. For comparison, the 97321 zip code has both the highest and lowest median property tax rate of 1.01%. Understanding how these cities compare with Albany provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
1.01%
Average Benton County Tax Rate
0.99%
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 | 0.71% | 0.88% | 1.01% | 1.12% | 1.19% |
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 Benton 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 Albany, 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. Albany's median home price stands at $512,780, with tax bills ranging from the 25th percentile at $4,232 to the 90th percentile at $7,597. 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.
Average Albany Assessed Value
$512,780
Average Benton County Assessed Value
$469,320
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 | $363,490 | $431,365 | $512,780 | $629,640 | $786,446 |
Source: Ownwell
Property Tax Bills Across Albany, Oregon
In Albany, located in Benton County, OR, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor's office. The assessed value is often lower than the market value and is adjusted annually. Homeowners in Albany experience a range of property tax bills, with the 25th percentile tax bill at $4,232 and the 75th percentile at $6,252. The highest median tax bill in the area is $5,112, found in the 97321 zip code. Several factors influence the final tax bill, including property improvements, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Albany's property taxes can be considered relatively high. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting homeowners' monthly expenses. Understanding these factors is crucial for homeowners to manage their finances effectively and anticipate future tax obligations.
Average Albany Tax Bill
$5,112
Average Benton County Tax Bill
$4,711
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 | $3,334 | $4,232 | $5,112 | $6,252 | $7,597 |
Source: Ownwell