Banks, Oregon Property Taxes
The median property tax rate in Banks, OR is 0.81%, 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 $496,270 in Banks, the typical annual property tax bill reaches $4,335, significantly exceeding the national median of $2,690. Property taxes in Banks are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Banks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Banks 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
Banks, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$4,020
$3,730
Ownwell’s Banks Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Banks. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Banks to provide an accurate estimate of your property tax bill. This tool is designed to give you a clear understanding of your potential tax liabilities. For those interested in more detailed insights, including neighborhood-level trends, additional localized information is available further down the page. Your property's assessed value, determined by the county, is crucial for these calculations, taking into account any applicable exemptions.
Property Tax Rates Across Banks, Oregon
Property taxes in Banks, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Banks is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Banks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Banks 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 Banks' effective property tax rate to other areas in Oregon and the national median. For comparison, the zip code 97106 has the same median property tax rate of 0.81%. Understanding how these areas compare with Banks provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Banks Tax Rate
0.81%
Average Washington County Tax Rate
0.93%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Banks, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97106 | 0.56% | 0.68% | 0.81% | 1.00% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Banks, Oregon
In Banks, 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 Washington 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 Banks, 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 Banks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Banks, the median home price is $496,270. The 25th percentile tax bill is $2,951, while the 75th percentile tax bill is $5,283. The highest and lowest median tax bills are both $4,335, found in zip code 97106.
Average Banks Assessed Value
$496,270
Average Washington County Assessed Value
$529,930
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Banks, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97106 | $42,190 | $370,070 | $496,270 | $642,095 | $857,000 |
Source: Ownwell
Property Tax Bills Across Banks, Oregon
In Banks, Washington County, OR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is often lower than the market value and is adjusted annually. The median home price in Banks is $496,270, and the property tax rate is applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including property improvements, neighborhood changes, and local tax levies. For instance, the 25th percentile of tax bills in Banks is $2,951, while the 75th percentile reaches $5,283, and the 90th percentile can go up to $6,372. These variations reflect differences in property values and specific tax rates applied to different areas within the city. Homeowners in Banks should be aware that their property tax bills can significantly impact their annual expenses, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners better anticipate their financial obligations.
Average Banks Tax Bill
$4,335
Average Washington County Tax Bill
$4,896
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Banks, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97106 | $863 | $2,951 | $4,335 | $5,283 | $6,372 |
Source: Ownwell