Lake Oswego, Oregon Property Taxes
The median property tax rate in Lake Oswego, OR is 1.28%, considerably higher than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Lake Oswego at $536,950, the typical annual property tax bill reaches $6,956, exceeding the national median of $2,690. Property taxes in Lake Oswego are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lake Oswego'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 Lake Oswego 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
Lake Oswego, 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 Lake Oswego Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Oswego with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Oswego 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 Lake Oswego, Oregon
Property taxes in Lake Oswego, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Oswego is 1.28%, which is higher than both the Oregon state median and the U.S. national median of 0.99%. Local government entities within Lake Oswego set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Oswego 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 Lake Oswego's effective property tax rate to other areas in Oregon and the national median. For comparison, the zip code 97035 has the highest median property tax rate of 1.28%, while zip code 97034 has the lowest median tax rate of 1.13%. Understanding how these areas compare with Lake Oswego 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 Lake Oswego Tax Rate
1.28%
Average Multnomah County Tax Rate
1.07%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Oswego, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97034 | 0.83% | 0.95% | 1.13% | 1.34% | 1.46% |
| 97035 | 1.04% | 1.19% | 1.28% | 1.44% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Lake Oswego, Oregon
In Lake Oswego, Oregon, understanding the difference between "market value" and "assessed value" is essential for comprehending property taxes. The market value represents 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 Assessment and Taxation Office 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 Lake Oswego, 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 example, the highest median tax bill in Lake Oswego is $13,697 in the 97034 zip code, while the lowest is $6,518 in the 97035 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lake Oswego, Oregon
Source: Ownwell
$140,700
$1,826,360
$3,512,020
Average Lake Oswego Assessed Value
$536,950
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 Lake Oswego, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97034 | $692,443 | $907,248 | $1,213,545 | $1,516,882 | $1,797,961 |
| 97035 | $234,820 | $279,662 | $494,075 | $768,348 | $939,696 |
Source: Ownwell
Property Tax Bills Across Lake Oswego, Oregon
In Lake Oswego, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the property tax rate to determine the annual tax bill. Factors influencing the assessed value include the home's market value, its size, location, and any improvements or renovations made. Homeowners in Lake Oswego can expect property tax bills to vary widely. For instance, the 25th percentile tax bill is around $3,704, while at the 75th percentile, it jumps to approximately $10,731. At the 90th percentile, homeowners might see tax bills as high as $13,989. The highest median tax bill in the area is $13,697 in the 97034 zip code, whereas the lowest median tax bill is $6,518 in the 97035 zip code. These figures highlight the significant impact property taxes can have on household budgets, especially when compared to the national median property tax rate of 0.99%.
Average Lake Oswego Tax Bill
$6,956
Average Multnomah County Tax Bill
$5,046
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Oswego, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97034 | $6,780 | $9,118 | $13,697 | $17,778 | $21,420 |
| 97035 | $2,659 | $3,653 | $6,518 | $10,376 | $13,247 |
Source: Ownwell