Corvallis, Oregon Property Taxes
The median property tax rate in Corvallis, OR is 1.01%, slightly higher than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Corvallis at $474,930, the typical annual property tax bill reaches $4,894, significantly exceeding the national median of $2,690. Property taxes in Corvallis 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 Corvallis'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 Corvallis 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
Corvallis, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$4,797
$4,451
Ownwell’s Corvallis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Corvallis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corvallis 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 Corvallis, Oregon
Property taxes in Corvallis, Oregon, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Corvallis is 1.01%, slightly higher than both the Oregon state median and the U.S. national median of 0.99%. Local government entities within Corvallis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corvallis 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 Corvallis's effective property tax rate to other areas in Oregon and the national median. For comparison, the 97330 zip code has the highest median property tax rate of 1.02%, while the 97333 zip code has the lowest median tax rate of 0.99%. Understanding how these areas compare with Corvallis 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 Corvallis 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 Corvallis, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97330 | 0.76% | 0.89% | 1.02% | 1.12% | 1.21% |
| 97333 | 0.73% | 0.88% | 0.99% | 1.10% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Corvallis, Oregon
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Corvallis, 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 Benton County 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 Corvallis, 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. In Corvallis, the zip code 97330 has the highest median tax bill at $5,076, while the zip code 97333 has the lowest median tax bill at $4,505. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Corvallis Assessed Value
$474,930
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 Corvallis, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97330 | $279,870 | $394,325 | $486,780 | $608,700 | $768,300 |
| 97333 | $272,953 | $368,990 | $451,940 | $560,895 | $715,330 |
Source: Ownwell
Property Tax Bills Across Corvallis, Oregon
In Corvallis, located in Benton County, OR, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the property tax rate set by the county. For homeowners in this region, the median home price is $474,930, which serves as a benchmark for estimating property tax bills. Several factors influence the final tax bill, including the property's location, improvements, and market conditions. For instance, the tax bill can range significantly: the 25th percentile tax bill is approximately $3,726, while the 75th percentile reaches $6,317, and the 90th percentile can go up to $8,059. The highest median tax bill in Corvallis is $5,076 in the 97330 zip code, whereas the lowest is $4,505 in the 97333 zip code. These property tax rates and bills impact homeowners by influencing their annual financial planning and overall cost of homeownership. Comparing to the national median property tax rate of 0.99%, Corvallis homeowners may see variations that reflect the unique economic landscape of Benton County.
Average Corvallis Tax Bill
$4,894
Average Benton County Tax Bill
$4,711
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Corvallis, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97330 | $3,146 | $3,971 | $5,076 | $6,536 | $8,226 |
| 97333 | $2,542 | $3,376 | $4,505 | $5,884 | $7,708 |
Source: Ownwell