Silver Lake, Oregon Property Taxes
The median property tax rate in Silver Lake, OR is 0.58%, significantly lower than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Silver Lake at $144,165, the typical annual property tax bill amounts to $882, which is well below the national median of $2,690. Property taxes in Silver Lake are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Silver Lake's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Silver Lake or another part of Lake County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Silver Lake, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$836
Ownwell’s Silver Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Lake 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 Silver Lake, Oregon
Property taxes in Silver Lake, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Lake is 0.58%, which is lower than the U.S. national median of 0.99%. Local government entities within Silver Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver Lake 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 Silver Lake's effective property tax rate to other counties in Oregon and the national median. For comparison, the 97638 zip code has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Silver Lake provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Silver Lake Tax Rate
0.58%
Average Lake County Tax Rate
0.80%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silver Lake, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97638 | 0.18% | 0.29% | 0.58% | 0.88% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Silver Lake, Oregon
In Silver Lake, 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 Lake 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. Assessment notices in Silver Lake 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 Silver Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills, both $882, are found in the 97638 zip code.
Average Silver Lake Assessed Value
$144,165
Average Lake County Assessed Value
$110,290
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Silver Lake, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97638 | $31,973 | $63,600 | $144,165 | $669,835 | $1,144,513 |
Source: Ownwell
Property Tax Bills Across Silver Lake, Oregon
In Silver Lake, located in Lake County, OR, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. The median home price in Silver Lake is $144,165, and homeowners can expect their tax bills to vary significantly. For instance, the tax bill for the 25th percentile is $429, while it climbs to $2,010 at the 75th percentile and reaches $4,013 at the 90th percentile. These variations in tax bills are influenced by factors such as property improvements, neighborhood developments, and changes in local government budgets. The property tax rate in Silver Lake is relatively moderate compared to the national median property tax rate of 0.99%. Homeowners in Silver Lake benefit from this by potentially having lower tax burdens, which can make homeownership more affordable in this region.
Average Silver Lake Tax Bill
$882
Average Lake County Tax Bill
$884
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver Lake, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97638 | $168 | $429 | $882 | $2,010 | $4,013 |
Source: Ownwell