Mcminnville, Oregon Property Taxes
The median property tax rate in McMinnville, OR is 0.79%, which is notably lower than both the national median of 0.99% and the Oregon state median of 0.86%. With a median home value of $438,220 in McMinnville, the typical annual property tax bill amounts to $3,523, surpassing the national median of $2,690. Property taxes in McMinnville are calculated based on the assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding McMinnville'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 McMinnville or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mcminnville, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$3,462
Ownwell’s MCMINNVILLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MCMINNVILLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MCMINNVILLE 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 Mcminnville, Oregon
Property taxes in McMinnville, Oregon, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McMinnville is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within McMinnville set these rates annually, and they can vary significantly across different neighborhoods. Each year, McMinnville 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 McMinnville's effective property tax rate to other areas in Yamhill County and the national median. For comparison, the zip code 97128 has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these areas compare with McMinnville provides valuable insights into the varying tax landscape across Yamhill County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mcminnville Tax Rate
0.79%
Average Yamhill County Tax Rate
0.74%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mcminnville, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97128 | 0.56% | 0.70% | 0.79% | 0.86% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Mcminnville, Oregon
In McMinnville, 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 Yamhill 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 McMinnville, 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. McMinnville's median home price is $438,220, with tax bills ranging from $2,514 at the 25th percentile to $5,851 at the 90th percentile. The highest and lowest median tax bills are both $3,523 in the 97128 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mcminnville Assessed Value
$438,220
Average Yamhill County Assessed Value
$432,001
Average Oregon Assessed Value
$438,140
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mcminnville, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97128 | $146,100 | $330,261 | $438,220 | $553,856 | $755,950 |
Source: Ownwell
Property Tax Bills Across Mcminnville, Oregon
In McMinnville, OR, property tax bills are calculated based on the assessed value of the home, which is often lower than the market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in McMinnville is $438,220, and the property tax rate is influenced by various factors including local government budgets, school funding, and public services. Homeowners in McMinnville can expect a range of tax bills. The 25th percentile tax bill is around $2,514, while the 75th percentile is approximately $4,407. At the higher end, the 90th percentile tax bill reaches $5,851. This variability reflects differences in property values and specific tax rates within the area. Comparatively, the highest and lowest median tax bills in McMinnville are both $3,523, aligning with the national median property tax rate of 0.99%. These property taxes significantly impact homeowners by influencing their overall housing costs and potentially affecting their long-term financial planning.
Average Mcminnville Tax Bill
$3,523
Average Yamhill County Tax Bill
$3,196
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Mcminnville, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97128 | $969 | $2,514 | $3,523 | $4,407 | $5,851 |
Source: Ownwell