Island City, Oregon Property Taxes
The median property tax rate in Island City, OR is 0.96%, slightly below the national median of 0.99% but higher than the Oregon state median of 0.86%. With the median home value in Island City at $177,900, the typical annual property tax bill reaches $1,700, which is below the national median of $2,690. Property taxes in Island City are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Island City'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 Island City 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
Island City, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$1,708
$1,585
Ownwell’s Island City Property Tax Bill Calculator empowers homeowners, real estate investors, and prospective buyers to estimate their annual property taxes in Island City using just two data points. By inputting your property's estimated assessed value, the calculator utilizes the median tax rate in Island City to project your property tax bill. This valuable tool provides clarity on potential tax liabilities, helping you make informed decisions. For those interested in more granular insights, scroll down to explore neighborhood-level trends. Your property’s assessed value is determined by Union County for tax purposes, considering any applicable exemptions.
Property Tax Rates Across Island City, Oregon
Property taxes in Island City, Oregon, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Island City is 0.96%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Island City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Island City 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 Island City's effective property tax rate to other counties in Oregon and the national median. For comparison, the 97850 zip code has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these cities compare with Island City provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Island City Tax Rate
0.96%
Average Union County Tax Rate
0.94%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Island City, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97850 | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Island City, Oregon
In Island City, 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 Union County Assessor's 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 Island City, 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 Island City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Island City, the highest and lowest median tax bills are both $1700, found in the zip code 97850.
Average Island City Assessed Value
$177,900
Average Union County Assessed Value
$216,270
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Island City, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97850 | $177,900 | $177,900 | $177,900 | $177,900 | $177,900 |
Source: Ownwell
Property Tax Bills Across Island City, Oregon
In Island City, Union County, OR, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the home's market value. Homeowners in Island City face a median property tax rate that results in a consistent tax bill of $1,700, regardless of the property's value percentile. This rate is above the national median property tax rate of 0.99%, highlighting a relatively higher tax burden for residents. Several factors influence the tax bill, including property size, location, and any applicable exemptions. The uniformity in tax bills suggests a standardized approach to assessments and taxation within the region. For homeowners, this consistency provides a predictable financial obligation but may also mean less flexibility in tax relief options. Understanding these factors can help homeowners better manage their finances and anticipate future tax liabilities.
Average Island City Tax Bill
$1,700
Average Union County Tax Bill
$1,979
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Island City, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97850 | $1,700 | $1,700 | $1,700 | $1,700 | $1,700 |
Source: Ownwell