Silverton, Oregon Property Taxes
The median property tax rate in Silverton, OR is 0.74%, lower than both the national median of 0.99% and the Oregon state median of 0.86%. With a median home value of $493,155, the typical annual property tax bill in Silverton reaches $3,508, which surpasses the national median of $2,690. Property taxes here are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Silverton'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 Silverton or another part of Marion County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Silverton, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$3,649
$3,386
Ownwell’s Silverton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silverton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silverton 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 Silverton, Oregon
Property taxes in Silverton, Oregon, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silverton is 0.74%, lower than the U.S. national median of 0.99%. Local government entities within Silverton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silverton 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 Silverton's effective property tax rate to other counties in Oregon and the national median. For comparison, the 97381 zip code has the highest median property tax rate of 0.74%, while the same 97381 zip code also has the lowest median tax rate of 0.74%. Understanding how these figures compare with Silverton provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Silverton Tax Rate
0.74%
Average Marion County Tax Rate
0.84%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silverton, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97381 | 0.47% | 0.61% | 0.74% | 0.84% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Silverton, Oregon
In Silverton, 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 Marion 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 Silverton, 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. For instance, the median home price in Silverton is $493,155, with tax bills ranging from $2,396 at the 25th percentile to $5,905 at the 90th percentile. Being aware of these valuation processes in Silverton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Silverton Assessed Value
$493,155
Average Marion County Assessed Value
$390,390
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Silverton, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97381 | $242,885 | $362,260 | $493,155 | $641,945 | $822,163 |
Source: Ownwell
Property Tax Bills Across Silverton, Oregon
Property tax bills in Silverton, Marion County, OR, are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as property improvements, market conditions, and neighborhood changes can influence the assessed value. For homeowners in Silverton, the property tax rate is a crucial factor in determining their tax burden. In Silverton, the median home price is $493,155, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $2,396, while at the 75th percentile, it rises to $4,682. At the 90th percentile, it reaches $5,905. These variations illustrate how different factors, including property value and local tax rates, affect the overall tax bill. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates and property values can lead to higher or lower tax obligations for homeowners.
Average Silverton Tax Bill
$3,508
Average Marion County Tax Bill
$3,229
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Silverton, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97381 | $1,466 | $2,396 | $3,508 | $4,682 | $5,905 |
Source: Ownwell