Lake Oswego, Oregon Property Taxes
The median property tax rate in Lake Oswego, OR is 0.72%, which is lower than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Lake Oswego at $866,290, the typical annual property tax bill reaches $7,022, significantly surpassing the national median of $2,690. Property taxes in Lake Oswego are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lake Oswego'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 Lake Oswego 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
Lake Oswego, 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 Lake Oswego Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Oswego with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Oswego 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 Lake Oswego, Oregon
Property taxes in Lake Oswego, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Oswego is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Lake Oswego set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Oswego 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 Lake Oswego's effective property tax rate to other areas in Oregon and the national median. For comparison, the 97034 zip code has the highest median property tax rate of 1.09%, while the 97035 zip code has the lowest median tax rate of 0.71%. Understanding how these areas compare with Lake Oswego provides valuable insights into the varying tax landscape across Clackamas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Oswego Tax Rate
0.72%
Average Washington County Tax Rate
0.93%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Oswego, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97034 | 1.09% | 1.09% | 1.09% | 1.09% | 1.09% |
| 97035 | 0.55% | 0.64% | 0.71% | 0.82% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Lake Oswego, Oregon
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lake Oswego, Oregon. 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 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. Assessment notices in Lake Oswego 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. In Lake Oswego, the zip code with the highest median tax bill is 97035 at $7,022, while the lowest median tax bill is in zip code 97034 at $4,163. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Oswego Assessed Value
$866,290
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 Lake Oswego, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97034 | $380,661 | $380,902 | $381,305 | $381,708 | $381,949 |
| 97035 | $288,275 | $543,518 | $901,155 | $1,091,345 | $1,133,132 |
Source: Ownwell
Property Tax Bills Across Lake Oswego, Oregon
In Lake Oswego, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is often lower than the market value and is adjusted annually. The property tax rate in Lake Oswego is applied to this assessed value to determine the tax bill. Various factors influence the assessed value, including the property's size, location, and condition, as well as any improvements made. For homeowners in Lake Oswego, the property tax bill can vary significantly. For instance, the tax bill at the 25th percentile is $4,181, while at the 75th percentile, it reaches $7,023. The highest median tax bill in the area, specifically in the 97035 zip code, is $7,022. Conversely, the lowest median tax bill, found in the 97034 zip code, is $4,163. Compared to the national median property tax rate of 0.99%, Lake Oswego's property taxes reflect the high property values in the area, impacting homeowners by requiring a substantial annual financial commitment.
Average Lake Oswego Tax Bill
$7,022
Average Washington County Tax Bill
$4,896
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Oswego, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97034 | $4,151 | $4,155 | $4,163 | $4,170 | $4,174 |
| 97035 | $2,213 | $4,213 | $7,022 | $7,023 | $8,445 |
Source: Ownwell