Monmouth, Oregon Property Taxes
The median property tax rate in Monmouth, OR is 0.84%, slightly lower than the Oregon state median of 0.86% but still below the national median of 0.99%. With a median home value of $398,720, the typical annual property tax bill in Monmouth reaches $3,221, significantly exceeding 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 various exemptions, such as primary residence and agricultural exemptions. Understanding Monmouth's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Monmouth or another part of Polk County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monmouth, 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 Monmouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monmouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monmouth 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 Monmouth, Oregon
Property taxes in Monmouth, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monmouth is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Monmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monmouth 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 Monmouth's effective property tax rate to other counties in Oregon and the national median. For comparison, the zip code 97361 has the highest median property tax rate of 0.84%, while the same zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Monmouth provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monmouth Tax Rate
0.84%
Average Polk County Tax Rate
0.82%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monmouth, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97361 | 0.55% | 0.77% | 0.84% | 0.90% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Monmouth, Oregon
In Monmouth, 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 Polk 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 Monmouth, 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 Monmouth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Monmouth is $398,720, with tax bills ranging from $2,287 at the 25th percentile to $4,875 at the 90th percentile. The highest and lowest median tax bills both stand at $3,221 in the 97361 zip code.
Average Monmouth Assessed Value
$398,720
Average Polk County Assessed Value
$397,555
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monmouth, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97361 | $91,108 | $294,595 | $398,720 | $475,210 | $562,506 |
Source: Ownwell
Property Tax Bills Across Monmouth, Oregon
In Monmouth, located in Polk County, OR, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is typically lower than the market value and is adjusted annually to account for changes in market conditions and improvements made to the property. Homeowners in Monmouth can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill stands at $2,287, while those in the 75th percentile can see bills as high as $4,024. At the 90th percentile, the tax bill can reach up to $4,875. These figures highlight the range of property taxes in the area, influenced by factors such as property size, location, and improvements. Compared to the national median property tax rate of 0.99%, Monmouth's property tax rates can seem steep for some, especially when considering the median home price of $398,720. This has a direct impact on homeowners, influencing their annual financial planning and potentially affecting property affordability.
Average Monmouth Tax Bill
$3,221
Average Polk County Tax Bill
$3,175
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Monmouth, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97361 | $674 | $2,287 | $3,221 | $4,024 | $4,875 |
Source: Ownwell