Otis, Oregon Property Taxes
The median property tax rate in Otis, OR is 0.77%, considerably lower than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Otis at $655,415, the typical annual property tax bill reaches $4,653, significantly exceeding the national median of $2,690. Property taxes in Otis 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 Otis'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 Otis or another part of Tillamook County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Otis, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$5,047
Ownwell’s Otis Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Otis with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Otis to provide an estimated property tax bill. This valuable tool offers insight into potential tax liabilities, helping you plan your finances more effectively. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations and includes any applicable exemptions, ensuring an accurate estimate.
Property Tax Rates Across Otis, Oregon
Property taxes in Otis, Oregon, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otis is 0.77%, lower than the U.S. national median of 0.99%. Local government entities within Otis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otis 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 Otis's effective property tax rate to other counties in Oregon and the national median. For comparison, the 97368 zip code has both the highest and lowest median property tax rate of 0.77%. Understanding how these cities compare with Otis provides valuable insights into the varying tax landscape across Tillamook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Otis Tax Rate
0.77%
Average Tillamook County Tax Rate
0.57%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otis, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97368 | 0.62% | 0.71% | 0.77% | 0.83% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Otis, Oregon
In Otis, 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 Tillamook 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 Otis, 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 Otis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area both stand at $4,653, with the zip code 97368.
Average Otis Assessed Value
$655,415
Average Tillamook County Assessed Value
$397,740
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Otis, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97368 | $366,963 | $408,030 | $655,415 | $837,752 | $1,099,908 |
Source: Ownwell
Property Tax Bills Across Otis, Oregon
In Otis, located in Tillamook County, OR, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. The assessed value is typically a percentage of the property's market value. Several factors influence this assessed value, including the home's age, size, location, and any improvements made. Once the assessed value is established, the property tax rate is applied to calculate the tax bill. In Otis, homeowners face varying tax bills depending on their property's value. For instance, the 25th percentile tax bill is around $3,369, while the 75th percentile tax bill reaches approximately $6,207. The 90th percentile can go up to $7,486. These figures indicate that property taxes can significantly impact homeowners, especially those with higher-valued properties. Comparatively, Otis's property tax rates can be higher than the national median property tax rate of 0.99%, potentially placing a more considerable financial burden on its residents. This system ensures that property taxes are proportionate to the value of the property, thereby funding essential public services in the community.
Average Otis Tax Bill
$4,653
Average Tillamook County Tax Bill
$2,473
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Otis, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97368 | $3,079 | $3,369 | $4,653 | $6,207 | $7,486 |
Source: Ownwell