Madras, Oregon Property Taxes
The median property tax rate in Madras, OR is 0.76%, lower than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Madras at $290,310, the typical annual property tax bill amounts to $2,148, which is below the national median of $2,690. Property taxes in Madras are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Madras'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 Madras 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
Madras, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$2,206
$2,047
Ownwell’s Madras Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Madras with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Madras 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 Madras, Oregon
Property taxes in Madras, Oregon, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Madras is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Madras set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madras 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 Madras's effective property tax rate to other areas in Oregon and the national median. For comparison, the zip code 97741 has the highest median property tax rate of 0.76%, while the same zip code also has the lowest median tax rate of 0.76%. Understanding how these areas compare with Madras provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madras Tax Rate
0.76%
Average Jefferson County Tax Rate
0.67%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madras, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97741 | 0.57% | 0.67% | 0.76% | 0.90% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Madras, Oregon
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Madras, Oregon. 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 Jefferson 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 Madras, 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. Being aware of these valuation processes in Madras helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 97741 in Madras has both the highest and lowest median tax bills, each at $2,148. This is notably higher than the national median property tax rate of 0.99%, underscoring the importance of understanding and managing your property tax obligations.
Average Madras Assessed Value
$290,310
Average Jefferson County Assessed Value
$346,110
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madras, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97741 | $39,990 | $204,520 | $290,310 | $391,320 | $504,264 |
Source: Ownwell
Property Tax Bills Across Madras, Oregon
In Madras, Jefferson County, OR, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. Unlike the market value, the assessed value often reflects a percentage of the property's market value and is adjusted annually. The local tax rate is then applied to this assessed value to determine the tax bill. For homeowners in Madras, the median home price stands at $290,310. Property tax bills vary widely, with the 25th percentile at $1,474 and the 75th percentile at $2,890. At the 90th percentile, tax bills can reach $3,867. The highest and lowest median tax bills in the area are both $2,148, indicating a relatively narrow range of tax burdens for most residents. Compared to the national median property tax rate of 0.99%, Madras homeowners experience a tax rate that reflects local funding needs for public services such as schools, emergency services, and infrastructure. This directly impacts homeowners by influencing their annual financial obligations and the overall affordability of owning property in the area.
Average Madras Tax Bill
$2,148
Average Jefferson County Tax Bill
$2,261
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Madras, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97741 | $389 | $1,474 | $2,148 | $2,890 | $3,867 |
Source: Ownwell