Monroe, Oregon Property Taxes
The median property tax rate in Monroe, OR is 0.63%, which is significantly lower than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Monroe at $341,365, the typical annual property tax bill amounts to $2,199, falling below the national median of $2,690. Property taxes in Monroe are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Monroe's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Monroe 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
Monroe, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$2,151
$1,996
Ownwell’s Monroe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroe 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 Monroe, Oregon
Property taxes in Monroe, Oregon, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe is 0.63%, lower than both the Oregon state median and the U.S. national median of 0.99%. Local government entities within Monroe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroe 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 Monroe's effective property tax rate to other counties in Oregon and the national median. For comparison, the 97456 zip code has the highest median property tax rate of 0.63%, while the 97456 zip code has the lowest median tax rate of 0.63%. Understanding how these cities compare with Monroe 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 Monroe Tax Rate
0.63%
Average Benton County Tax Rate
0.99%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97456 | 0.35% | 0.49% | 0.63% | 0.76% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Monroe, Oregon
In Monroe, 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 Assessment and Taxation 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. In Monroe, 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 Monroe is $341,365, with tax bills ranging from the 25th percentile at $1,344 to the 90th percentile at $4,507. Notably, the highest and lowest median tax bill in the area is $2,199 for the zip code 97456. 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 the tax burden.
Average Monroe Assessed Value
$341,365
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 Monroe, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97456 | $51,609 | $217,158 | $341,365 | $495,955 | $658,456 |
Source: Ownwell
Property Tax Bills Across Monroe, Oregon
In Monroe, Benton 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 the local tax assessor and is influenced by factors such as property size, location, and improvements. Homeowners in Monroe face a median property tax rate of 0.99%, aligning with the national average. For a home with a median price of $341,365, the tax bill can vary significantly. At the 25th percentile, property tax bills are around $1,344, while at the 75th percentile, they rise to approximately $3,205. The 90th percentile sees tax bills reaching up to $4,507. The highest and lowest median tax bills in Monroe both stand at $2,199, specifically in the zip code 97456. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for Monroe residents. Understanding how these taxes are calculated can help homeowners better manage their financial planning and anticipate annual expenses.
Average Monroe Tax Bill
$2,199
Average Benton County Tax Bill
$4,711
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97456 | $759 | $1,344 | $2,199 | $3,205 | $4,507 |
Source: Ownwell