Monmouth, Oregon Property Taxes
The median property tax rate in Monmouth, OR is 0.66%, considerably lower than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Monmouth at $300,485, the typical annual property tax bill reaches $2,514, slightly below the national median of $2,690. Property taxes in Monmouth 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 Monmouth'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 Monmouth 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
Monmouth, 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 Monmouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monmouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monmouth 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 Monmouth, Oregon
Property taxes in Monmouth, Oregon, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Monmouth is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Monmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monmouth 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 Monmouth's effective property tax rate to other areas in Oregon and the national median. For comparison, the zip code 97361 has the same median property tax rate of 0.66%. Understanding how these areas compare with Monmouth 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 Monmouth Tax Rate
0.66%
Average Benton County Tax Rate
0.99%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monmouth, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97361 | 0.48% | 0.56% | 0.66% | 0.82% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Monmouth, Oregon
In Monmouth, 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 Monmouth, 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. The median home price in Monmouth is $300,485, with tax bills ranging from $1,696 at the 25th percentile to $5,014 at the 90th percentile. Awareness of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Monmouth Assessed Value
$300,485
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 Monmouth, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97361 | $29,429 | $78,695 | $300,485 | $489,030 | $641,990 |
Source: Ownwell
Property Tax Bills Across Monmouth, Oregon
In Monmouth, OR, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value is often lower than the market value, making it a critical factor in determining the final tax bill. Homeowners in Monmouth can expect their tax bills to vary significantly, with the 25th percentile at $1,696 and the 75th percentile reaching $3,768. For those in the 90th percentile, tax bills can go up to $5,014. The median home price in Monmouth is $300,485, which influences the overall tax calculation. Compared to the national median property tax rate of 0.99%, Monmouth's property tax rates can show a range of impacts on homeowners. Higher assessed values result in higher tax bills, affecting household budgets and long-term financial planning. Homeowners should be aware of these factors to better understand their annual property tax obligations and manage their finances effectively.
Average Monmouth Tax Bill
$2,514
Average Benton County Tax Bill
$4,711
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Monmouth, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97361 | $290 | $1,696 | $2,514 | $3,768 | $5,014 |
Source: Ownwell