Philomath, Oregon Property Taxes
The median property tax rate in Philomath, OR is 0.96%, slightly lower than the national median of 0.99% but higher than the Oregon state median of 0.86%. With the median home value in Philomath at $397,770, the typical annual property tax bill reaches $3,937, far surpassing the national median of $2,690. Property taxes in Philomath are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Philomath'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 Philomath 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
Philomath, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$3,819
Ownwell’s Philomath Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Philomath with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Philomath 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 Philomath, Oregon
Property taxes in Philomath, Oregon, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Philomath is 0.96%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Philomath set these rates annually, and they can vary significantly across different neighborhoods. Each year, Philomath 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 Philomath's effective property tax rate to other counties in Oregon and the national median. For comparison, the 97370 zip code has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these cities compare with Philomath 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 Philomath Tax Rate
0.96%
Average Benton County Tax Rate
0.99%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Philomath, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97370 | 0.55% | 0.76% | 0.96% | 1.14% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Philomath, Oregon
In Philomath, 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 Philomath, 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 Philomath is $397,770, with tax bills ranging from $2,798 at the 25th percentile to $7,428 at the 90th percentile. The zip code 97370 has the highest and lowest median tax bill at $3,937. Being aware of these valuation processes in Philomath helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Philomath Assessed Value
$397,770
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 Philomath, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97370 | $88,112 | $285,530 | $397,770 | $552,135 | $726,914 |
Source: Ownwell
Property Tax Bills Across Philomath, Oregon
Property tax bills in Philomath, located in Benton County, Oregon, are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is typically a percentage of the property's market value. For homeowners in Philomath, the median home price is $397,770. The property tax rate in Benton County is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property improvements, changes in market conditions, and local tax levies approved by voters. In Philomath, property tax bills can vary significantly. At the 25th percentile, homeowners might pay around $2,798 annually, while those at the 75th percentile could see bills as high as $5,492. For the top 10% of properties, the tax bill can reach up to $7,428. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding these factors can help homeowners anticipate and manage their property tax obligations more effectively.
Average Philomath Tax Bill
$3,937
Average Benton County Tax Bill
$4,711
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Philomath, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97370 | $1,217 | $2,798 | $3,937 | $5,492 | $7,428 |
Source: Ownwell