Fairview, Oregon Property Taxes
The median property tax rate in Fairview, OR is 0.92%, slightly lower than the national median of 0.99% but higher than the Oregon state median of 0.86%. With a median home value of $408,670 in Fairview, the typical annual property tax bill reaches $3,993, significantly exceeding the national median of $2,690. Property taxes in Fairview are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fairview'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 Fairview 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
Fairview, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$3,760
Ownwell’s Fairview Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairview with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairview 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 Fairview, Oregon
Property taxes in Fairview, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairview is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within Fairview set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairview 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 Fairview's effective property tax rate to other areas in Oregon and the national median. For comparison, the zip code 97024 has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas compare with Fairview provides valuable insights into the varying tax landscape across Multnomah County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairview Tax Rate
0.92%
Average Multnomah County Tax Rate
1.07%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairview, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97024 | 0.59% | 0.80% | 0.92% | 1.00% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Fairview, Oregon
In Fairview, 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 Multnomah County Appraisal District 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 Fairview, 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 Fairview helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 97024, with a median bill of $3,993, which also happens to be the lowest median tax bill in the area.
Average Fairview Assessed Value
$408,670
Average Multnomah County Assessed Value
$496,670
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairview, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97024 | $41,481 | $275,608 | $408,670 | $539,082 | $694,745 |
Source: Ownwell
Property Tax Bills Across Fairview, Oregon
In Fairview, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. The assessed value is typically lower than the market value, providing some relief to homeowners. Your property tax bill is then derived by multiplying the assessed value by the local tax rate. Several factors influence the final tax bill, including the property's location, improvements, and any applicable exemptions. For example, the median home price in Fairview is $408,670, and property tax bills can vary widely. Homeowners in the 25th percentile pay around $3,215, while those in the 75th percentile see bills closer to $5,406. The tax bill for the 90th percentile can reach up to $7,426, reflecting the variability based on property value and other factors. Compared to the national median property tax rate of 0.99%, Fairview's tax rates are relatively high, impacting homeowners by increasing their annual expenses. This emphasizes the importance of understanding local property tax assessments and potential exemptions to manage costs effectively.
Average Fairview Tax Bill
$3,993
Average Multnomah County Tax Bill
$5,046
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairview, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97024 | $1,895 | $3,215 | $3,993 | $5,406 | $7,426 |
Source: Ownwell