I am familiar with the CPR of Washington County which I am estimating (guessing) to be .60 this year for your class of property. I am not familiar with Multnomah Counties numbers, but I don't believe they would be much different. So your assessed value would be $325,000 X .60 = $195,000. Your property taxes would be based on the taxes for your neighborhood times $195,000. This is just an estimate and is not meant to be financial advice. The Multnomah County Assessor is the authority on this issue.
Property taxes can only increase 3% of the assessed value each year, so it is important that the base year be established as low as possible, because it is unable to be changed in subsequent years.
I am the Chairman of the Washington County Board of Property Tax Appeals and I have a good understanding of property tax issues.
Tom Inglesby, Broker
RE/MAX Equity Group
I've actually called the county and asked them that direct question, with the address. They can't tell you exactly but they should be able to give you the "millage rate" for that neighborhood. That figure of course is multiplied by the assessed value. I would estimate it at $325000.
One thing you need to be aware of, if you're putting less than 20% down, you will not be able to pay your taxes separately from the mortgage. If that's the case, your lender will estimate the taxes since they don't know how much they will need to have in your escrow account when next November's taxes are due. In my experience, they guess on the very high side usually. Whatever figure they estimate for next year, will be the figure used in prorates and monthly escrow amounts. You should definitely check with your lender if that's the case and they will tell you what figure they're going to use. If it ends up being more than the actual tax, the escrow account will still have your money, and its available to you, but just something to be aware of.
On the other hand, if you're paying cash or borrowing 80% or less, then you pay your own taxes and will need to estimate. I would give a call and find out what the millage rate is, multiply it by $325000 and you'll have an estimate. Then I would add on 10% to be on the safe side!
There's a slight possibility that next year the taxes will still be on the lot only, and not be fully assessed until the next year. I've seen it many times over the years. Don't count on it though! it would be a nice surprise.
I'm not a property tax expert, so please take my advice as suggestions only and follow up with your own research or with your lender.
Best to you, and congratulations on getting a new home!
The amount you pay in taxes is not tied to the amount for which your property would sell.
Oregon law determines taxable values.
Contact the Oregon Department of Revenue http://(www.oregon.gov/dor; 800-356-4222) for more information. Market Value (RMV) is the assessorâ€™s estimate of the price your property would sell for as of January 1, 2010.
Assessed Value for most properties is 3% more than last year's assessed value.
Taxable value is equal to assessed value (unless RMV is lower) and taxes are calculated on that amount.
The web site is http://web.multco.us/assessment-taxation/2010-2011-property-