Sherwood, Oregon Property Taxes
The median property tax rate in Sherwood, OR is 1.01%, slightly higher than both the national median of 0.99% and the Oregon state median of 0.86%. With the median home value in Sherwood at $555,755, the typical annual property tax bill reaches $5,589, significantly exceeding the national median of $2,690. Property taxes in Sherwood 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 Sherwood'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 Sherwood 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
Sherwood, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$5,613
$5,209
Ownwell’s Sherwood Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Sherwood with ease. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Sherwood to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities, making it easier to plan your finances. For those interested in more detailed trends at the neighborhood level, additional localized information is available by scrolling down. Your property’s assessed value, determined by the county, is used for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Sherwood, Oregon
Property taxes in Sherwood, Oregon, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sherwood is 1.01%, which is higher than the U.S. national median of 0.99%. Local government entities within Sherwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sherwood 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 Sherwood's effective property tax rate to other areas in Oregon and the national median. For comparison, the 97140 zip code has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these areas compare with Sherwood 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 Sherwood Tax Rate
1.01%
Average Washington County Tax Rate
0.93%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sherwood, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97140 | 0.76% | 0.91% | 1.01% | 1.08% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Sherwood, Oregon
In Sherwood, 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 Assessment and Taxation 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 Sherwood, 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 Sherwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Homeowners in Sherwood see a wide range of property tax bills. For instance, the zip code with the highest median tax bill is 97140, where homeowners pay about $5,589. This understanding can help residents make informed decisions about their property taxes.
Average Sherwood Assessed Value
$555,755
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 Sherwood, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97140 | $354,830 | $466,745 | $555,755 | $684,890 | $839,435 |
Source: Ownwell
Property Tax Bills Across Sherwood, Oregon
In Sherwood, located in Washington County, OR, property tax bills are calculated based on the assessed value of a home, which is determined by local tax authorities. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $555,755, the property tax rate plays a crucial role in determining the final tax bill. The median property tax rate in Sherwood is higher than the national median of 0.99%, resulting in substantial tax bills for homeowners. Factors such as property improvements, local levies, and bonds also influence the tax bill. For example, the 25th percentile tax bill in Sherwood is $4,418, while the 75th percentile reaches $7,123, indicating a wide range based on property values and additional factors. The highest median tax bill reported is $5,589 in the zip code 97140, which underscores the variability within the region. These tax bills significantly impact homeowners, affecting their annual financial planning and overall housing affordability.
Average Sherwood Tax Bill
$5,589
Average Washington County Tax Bill
$4,896
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Sherwood, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97140 | $2,997 | $4,418 | $5,589 | $7,123 | $8,948 |
Source: Ownwell