Monument, Oregon Property Taxes
The median property tax rate in Monument, OR is 0.51%, considerably lower than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Monument at $259,600, the typical annual property tax bill reaches $1,472, which is well below the national median of $2,690. Property taxes in Monument 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 Monument'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 Monument 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
Monument, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$1,324
$1,229
Ownwell’s Monument Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monument with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monument 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 Monument, Oregon
Property taxes in Monument, Oregon, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monument is 0.51%, which is lower than the U.S. national median of 0.99%. Local government entities within Monument set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monument 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 Monument's effective property tax rate to other areas in Oregon and the national median. For comparison, the zip code 97864 has the highest median property tax rate of 0.51%, while the same zip code also has the lowest median tax rate of 0.51%. Understanding how these cities compare with Monument provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monument Tax Rate
0.51%
Average Grant County Tax Rate
0.75%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monument, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97864 | 0.28% | 0.40% | 0.51% | 0.71% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Monument, Oregon
In Monument, 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 Grant County Appraisal District 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 Monument, 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 Monument is $259,600, with tax bills ranging from $808 at the 25th percentile to $3,062 at the 90th percentile. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Monument helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Monument Assessed Value
$259,600
Average Grant County Assessed Value
$184,015
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monument, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97864 | $143,752 | $189,720 | $259,600 | $368,915 | $590,928 |
Source: Ownwell
Property Tax Bills Across Monument, Oregon
In Monument, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the property tax rate set by the county to determine the annual tax bill. The median home price in Monument is $259,600, and the property tax rate in Grant County is reflective of the broader trends seen across Oregon. Several factors influence the final tax bill, including property improvements, market conditions, and any applicable exemptions or deductions. For homeowners, these taxes can significantly impact their annual expenses. For instance, homeowners in the 25th percentile pay around $808 annually, while those in the 75th percentile face a tax bill of approximately $2,023. At the 90th percentile, the tax bill can reach up to $3,062. Comparing this to the national median property tax rate of 0.99%, Monument's rates show a range that can vary widely, affecting homeowners differently based on their property's assessed value and specific circumstances.
Average Monument Tax Bill
$1,472
Average Grant County Tax Bill
$1,399
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Monument, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97864 | $632 | $808 | $1,472 | $2,023 | $3,062 |
Source: Ownwell