Wood Village, Oregon Property Taxes
The median property tax rate in Wood Village, OR is 0.75%, 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 $255,500 in Wood Village, the typical annual property tax bill amounts to $2,740, slightly below the national median of $2,690. Property taxes in Wood Village are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Wood Village'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 Wood Village or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wood Village, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,916
$1,778
Ownwell’s Wood Village Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Wood Village. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Wood Village to provide an estimate of your property tax bill. This valuable resource helps you gain a clear understanding of your potential tax liabilities. For those interested in exploring trends at a neighborhood level, more localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Wood Village, Oregon
Property taxes in Wood Village, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wood Village is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Wood Village set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wood Village 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 Wood Village's effective property tax rate to other counties in Oregon and the national median. For comparison, the zip code 97060 has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Wood Village 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 Wood Village Tax Rate
0.75%
Average Multnomah County Tax Rate
1.07%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wood Village, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97060 | 0.63% | 0.69% | 0.75% | 0.87% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Wood Village, Oregon
In Wood Village, 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 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 Wood Village, 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 Wood Village helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $2,740, found in the 97060 zip code.
Property Tax Assessment Values Across Wood Village, Oregon
Source: Ownwell
$140,700
$1,826,360
$3,512,020
Average Wood Village Assessed Value
$255,500
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 Wood Village, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97060 | $26,906 | $39,470 | $255,500 | $401,460 | $610,936 |
Source: Ownwell
Property Tax Bills Across Wood Village, Oregon
In Wood Village, located in Multnomah County, 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 local tax rate. For instance, the median home price in Wood Village is $255,500, and the property tax rate in the area can lead to varying tax bills. Several factors influence the final tax bill, including the home's assessed value, any applicable exemptions, and the specific tax rate for the area. Homeowners in Wood Village can expect a wide range of tax bills. At the 25th percentile, the tax bill is around $2,039, while at the 75th percentile, it rises to approximately $4,333. For those at the 90th percentile, the tax bill can reach as high as $6,257. These property taxes significantly impact homeowners, affecting their annual expenses and overall financial planning. The highest and lowest median tax bills in the area are both $2,740, indicating a relatively consistent tax burden within the specific zip code 97060.
Average Wood Village Tax Bill
$2,740
Average Multnomah County Tax Bill
$5,046
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Wood Village, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97060 | $1,506 | $2,039 | $2,740 | $4,333 | $6,257 |
Source: Ownwell