Sheridan, Oregon Property Taxes
The median property tax rate in Sheridan, OR is 0.58%, significantly lower than both the national median of 0.99% and the Oregon state median of 0.86%. With a median home value of $301,162 in Sheridan, the typical annual property tax bill is approximately $1,763, which is well below the national median of $2,690. Property taxes in Sheridan are calculated based on the assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Sheridan's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Sheridan or another part of Yamhill County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sheridan, Oregon Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$1,747
$1,621
Ownwell’s Sheridan Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Sheridan with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Sheridan to project your property tax bill. This valuable tool provides a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Yamhill County, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Sheridan, Oregon
Property taxes in Sheridan, Oregon, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sheridan is 0.58%, which is lower than the U.S. national median of 0.99%. Local government entities within Sheridan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sheridan 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 Sheridan's effective property tax rate to other areas in Yamhill County and the national median. For comparison, the 97378 zip code has both the highest and lowest median property tax rate of 0.58%, showing uniformity within this region. Understanding how these areas compare with Sheridan 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 Sheridan Tax Rate
0.58%
Average Yamhill County Tax Rate
0.74%
Average Oregon Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sheridan, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97378 | 0.38% | 0.49% | 0.58% | 0.66% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Sheridan, Oregon
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Sheridan, 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 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. 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 Sheridan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Sheridan is $1,763 in the 97378 zip code, while the lowest median tax bill is also $1,763 in the same zip code.
Average Sheridan Assessed Value
$301,162
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 Sheridan, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97378 | $135,759 | $232,026 | $301,162 | $384,248 | $471,249 |
Source: Ownwell
Property Tax Bills Across Sheridan, Oregon
In Sheridan, located in Yamhill County, Oregon, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value often differs from the market value and is typically lower, providing some relief to homeowners. The tax rate is then applied to this assessed value to determine the annual tax bill. Various factors influence this calculation, including local levies, voter-approved bonds, and specific district rates. Homeowners in Sheridan can expect a wide range in their tax bills. The 25th percentile tax bill is around $1,198, while the 75th percentile tax bill reaches $2,314. At the 90th percentile, the tax bill can climb to $2,746. These figures show considerable variation, reflecting differences in home values and applicable tax rates within the area. Compared to the national median property tax rate of 0.99%, Sheridan's tax rates offer a competitive edge, potentially making it an attractive location for prospective homeowners looking for manageable property taxes.
Average Sheridan Tax Bill
$1,763
Average Yamhill County Tax Bill
$3,196
Average Oregon Tax Bill
$3,628
Average United States Tax Bill
$2,690
Property Tax Bills Across Sheridan, Oregon
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 97378 | $523 | $1,198 | $1,763 | $2,314 | $2,746 |
Source: Ownwell