Lake Oswego, Oregon Property Taxes
The median property tax rate in Lake Oswego, OR is 0.96%, slightly lower than the national median of 0.99% but higher than Oregon's state median of 0.86%. With a median home value of $877,380, the typical annual property tax bill in Lake Oswego reaches $8,134, significantly exceeding the national median of $2,690. Property taxes in Lake Oswego are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Lake Oswego'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 Lake Oswego 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
Lake Oswego, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$8,423
$7,816
Ownwell’s Lake Oswego Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Oswego with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Oswego 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 Lake Oswego, Oregon
Property taxes in Lake Oswego, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Oswego is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Lake Oswego set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Oswego 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. Understanding how Lake Oswego's effective property tax rate compares to other areas in Clackamas County and the national median provides valuable insights into the varying tax landscape across the region. This helps homeowners gain a clearer picture of their property tax obligations relative to neighboring areas. For comparison, the zip code 97034 has the highest median property tax rate of 0.96%, while zip code 97035 has the lowest median tax rate of 0.96%. This data highlights the consistency of property tax rates within Lake Oswego, giving residents a stable expectation of their tax responsibilities.
Average Lake Oswego Tax Rate
0.96%
Average Clackamas County Tax Rate
0.92%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Oswego, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97034 | 0.77% | 0.87% | 0.96% | 1.07% | 1.18% |
| 97035 | 0.74% | 0.83% | 0.96% | 1.02% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Lake Oswego, Oregon
In Lake Oswego, 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 Clackamas County Assessment and Taxation Department 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 Lake Oswego, 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. For instance, the highest median tax bill in Lake Oswego is found in the 97034 zip code, amounting to $9,584, while the lowest is in the 97035 zip code, at $6,990. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Oswego Assessed Value
$877,380
Average Clackamas County Assessed Value
$564,773
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Oswego, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97034 | $551,087 | $765,113 | $1,020,820 | $1,541,406 | $2,192,232 |
| 97035 | $424,549 | $592,046 | $766,936 | $1,025,053 | $1,349,552 |
Source: Ownwell
Property Tax Bills Across Lake Oswego, Oregon
In Lake Oswego, property tax bills are calculated based on the assessed value of a home, which is determined by the Clackamas County Assessor's Office. This assessed value often differs from the market value and is influenced by factors such as property size, location, and improvements. The tax rate is applied to the assessed value to determine the annual tax bill. For example, with a median home price of $877,380, homeowners in Lake Oswego can expect varying tax bills. The 25th percentile tax bill is around $5,701, while the 75th percentile reaches $12,408, with the 90th percentile hitting $18,504. The highest median tax bill in the area is $9,584 in the 97034 zip code, while the lowest is $6,990 in the 97035 zip code. These property taxes fund essential services such as schools, emergency services, and infrastructure, directly affecting the quality of life for residents. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances effectively.
Average Lake Oswego Tax Bill
$8,134
Average Clackamas County Tax Bill
$5,006
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Oswego, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97034 | $5,007 | $6,769 | $9,584 | $15,748 | $22,215 |
| 97035 | $3,638 | $4,960 | $6,990 | $10,033 | $13,167 |
Source: Ownwell