Corvallis, Oregon Property Taxes
The median property tax rate in Corvallis, OR is 0.97%, slightly below the national median of 0.99% but above the Oregon state median of 0.86%. With the median home value in Corvallis at $151,560, the typical annual property tax bill amounts to $1,465, which is lower than the national median of $2,690. Property taxes in Corvallis are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Corvallis'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 Corvallis 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
Corvallis, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$1,470
$1,364
Ownwell’s Corvallis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Corvallis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corvallis 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 Corvallis, Oregon
Property taxes in Corvallis, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Corvallis is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Corvallis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corvallis 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 Corvallis's effective property tax rate to other counties in Oregon and the national median. For comparison, the 97333 zip code has the highest median property tax rate of 0.97%, while the same zip code also has the lowest median tax rate of 0.97%. Understanding how these cities compare with Corvallis provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corvallis Tax Rate
0.97%
Average Lincoln County Tax Rate
0.84%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corvallis, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97333 | 0.97% | 0.97% | 0.97% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Corvallis, Oregon
In Corvallis, 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 Lincoln 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 Corvallis, 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 Corvallis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Corvallis are both $1,465, found in the 97333 zip code.
Average Corvallis Assessed Value
$151,560
Average Lincoln County Assessed Value
$341,090
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corvallis, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97333 | $151,560 | $151,560 | $151,560 | $151,560 | $151,560 |
Source: Ownwell
Property Tax Bills Across Corvallis, Oregon
In Corvallis, Lincoln County, OR, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. Unlike the market value, the assessed value is often a percentage of the market value and is used to calculate the property tax. The median home price in Corvallis is $151,560, and the property tax rate is applied to this assessed value. For homeowners, the property tax bill at the 25th, 75th, and 90th percentiles is consistently $1,465. This indicates a uniform tax rate across different property values in the area. Factors influencing the tax bill include local government budgets, school funding, and public services. Compared to the national median property tax rate of 0.99%, Corvallis homeowners experience a relatively predictable tax bill, which can aid in financial planning. However, the uniformity in tax bills suggests a stable but potentially higher tax rate relative to the assessed value, impacting overall homeownership costs.
Average Corvallis Tax Bill
$1,465
Average Lincoln County Tax Bill
$2,817
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Corvallis, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97333 | $1,465 | $1,465 | $1,465 | $1,465 | $1,465 |
Source: Ownwell