Madras, Oregon Property Taxes
The median property tax rate in Madras, OR is 0.37%, significantly lower than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Madras at $506,640, the typical annual property tax bill amounts to $1,856, which is well below the national median of $2,690. Property taxes in Madras are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Madras'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 Madras 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
Madras, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$1,875
$1,740
Ownwell’s Madras Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Madras with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Madras 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 Madras, Oregon
Property taxes in Madras, Oregon, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madras is 0.37%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Madras set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madras 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 Madras's effective property tax rate to other counties in Oregon and the national median. Understanding how these cities compare with Madras provides valuable insights into the varying tax landscape across Wasco County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madras Tax Rate
0.37%
Average Wasco County Tax Rate
0.78%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madras, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97741 | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
Source: Ownwell
Property Tax Assessment Values Across Madras, Oregon
In Madras, 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 Wasco County Appraisal District 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 Madras, 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 Madras helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $1856, found in the 97741 zip code.
Average Madras Assessed Value
$506,640
Average Wasco County Assessed Value
$294,180
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madras, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97741 | $506,640 | $506,640 | $506,640 | $506,640 | $506,640 |
Source: Ownwell
Property Tax Bills Across Madras, Oregon
In Madras, located in Wasco County, OR, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. This assessed value is typically a percentage of the property's market value. Homeowners in Madras pay a median property tax bill of $1,856, significantly lower than the national median of 0.99%. This tax bill is consistent across various percentiles, including the 25th, 75th, and 90th percentiles, highlighting a uniform tax structure in the region. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. The assessed value is influenced by the home's market price, which in Madras averages around $506,640. Property taxes fund essential services such as public schools, infrastructure, and emergency services. For homeowners, understanding how these taxes are calculated can provide better financial planning and awareness of the contributions they make toward community services.
Average Madras Tax Bill
$1,856
Average Wasco County Tax Bill
$2,286
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Madras, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97741 | $1,856 | $1,856 | $1,856 | $1,856 | $1,856 |
Source: Ownwell