Bonanza, Oregon Property Taxes
The median property tax rate in Bonanza, OR is 0.75%, which is lower than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Bonanza at $93,690, the typical annual property tax bill amounts to $747, significantly less than the national median of $2,690. Property taxes in Bonanza are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bonanza'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 Bonanza 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
Bonanza, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$703
$652
Ownwell’s Bonanza Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bonanza with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bonanza 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 Bonanza, Oregon
Property taxes in Bonanza, Oregon, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bonanza is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Bonanza set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bonanza 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 Bonanza's effective property tax rate to other areas in Oregon and the national median. For comparison, the zip code 97623 has the same median property tax rate of 0.75%. Understanding how these areas compare with Bonanza provides valuable insights into the varying tax landscape across Klamath County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bonanza Tax Rate
0.75%
Average Klamath County Tax Rate
0.72%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bonanza, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97623 | 0.34% | 0.48% | 0.75% | 1.08% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Bonanza, Oregon
In Bonanza, 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 Klamath 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 Bonanza, 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 Bonanza helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Bonanza both stand at $747, found in the 97623 zip code.
Average Bonanza Assessed Value
$93,690
Average Klamath County Assessed Value
$184,440
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bonanza, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97623 | $21,602 | $41,510 | $93,690 | $179,230 | $346,976 |
Source: Ownwell
Property Tax Bills Across Bonanza, Oregon
In Bonanza, property tax bills are calculated based on the assessed value of a property, which is determined by the Klamath County Assessor's Office. The assessed value is typically a percentage of the property's market value. Factors such as location, property size, and improvements made to the property are considered when determining the assessed value. Homeowners in Bonanza can expect their property tax bills to vary significantly. The 25th percentile tax bill is $308, while the 75th percentile tax bill is $1,323. The highest median tax bill recorded in the area is $747, which is relatively moderate compared to the national median property tax rate of 0.99%. These property tax bills impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated can help homeowners anticipate their financial obligations and plan accordingly. The range of tax bills also highlights the variability based on individual property assessments within the city.
Average Bonanza Tax Bill
$747
Average Klamath County Tax Bill
$1,333
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Bonanza, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97623 | $154 | $308 | $747 | $1,323 | $1,917 |
Source: Ownwell