Depoe Bay, Oregon Property Taxes
The median property tax rate in Depoe Bay, OR is 0.79%, which is lower than both the national median of 0.99% and the Oregon state median of 0.86%. With a median home value of $426,990, the typical annual property tax bill in Depoe Bay reaches $3,245, surpassing the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence exemption. Understanding Depoe Bay'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 Depoe Bay 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
Depoe Bay, Oregon Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Depoe Bay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Depoe Bay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Depoe Bay 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 Depoe Bay, Oregon
Property taxes in Depoe Bay, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Depoe Bay is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Depoe Bay set these rates annually, and they can vary across different neighborhoods. Each year, Depoe Bay 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 Depoe Bay's effective property tax rate to other areas within Lincoln County and the national median. For comparison, the zip code 97341, which includes Depoe Bay, has a median property tax rate of 0.79%. Understanding how these cities compare with Depoe Bay 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 Depoe Bay Tax Rate
0.79%
Average Lincoln County Tax Rate
0.84%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Depoe Bay, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97341 | 0.61% | 0.70% | 0.79% | 0.88% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Depoe Bay, Oregon
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Depoe Bay, 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 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 Depoe Bay, 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 Depoe Bay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 97341 has the highest and lowest median tax bill, both at $3,245, which is significantly higher than the national median property tax rate of 0.99%.
Average Depoe Bay Assessed Value
$426,990
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 Depoe Bay, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97341 | $83,705 | $245,540 | $426,990 | $630,958 | $837,930 |
Source: Ownwell
Property Tax Bills Across Depoe Bay, Oregon
In Depoe Bay, located in Lincoln County, OR, property tax bills are determined based on the assessed value of a home, which may differ from its market value. The assessed value is influenced by various factors such as the property's size, location, and any improvements made. The median home price in Depoe Bay is $426,990, which serves as a benchmark for calculating property taxes. The tax rate in Depoe Bay is applied to the assessed value to determine the annual tax bill. For instance, the 25th percentile tax bill is $1,758, while the 75th percentile reaches $5,109, and the 90th percentile can go up to $7,084. These figures indicate the range homeowners might expect to pay, depending on their property's assessed value and specific characteristics. Compared to the national median property tax rate of 0.99%, Depoe Bay's tax bills can vary widely, affecting homeowners differently based on their property's valuation. This variability underscores the importance of understanding how local factors influence property taxes and their financial impact on homeowners.
Average Depoe Bay Tax Bill
$3,245
Average Lincoln County Tax Bill
$2,817
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Depoe Bay, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97341 | $615 | $1,758 | $3,245 | $5,109 | $7,084 |
Source: Ownwell