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How do I figure my property tax?

You are ready to make an offer on the home of your dreams. You know what your principal payment, interest payment and insurance will be per month. Here is a quick guide to figure your estimated property tax. You will need your sales price and the millage rate (available from your agent or title representative).

Take your sales price: $350,000

Times .80 or 80%= $280,000

Times .70 or 70%= $196,000

Divide by 1000= 196

Times (the millage rate) 17.87

Equals your estimated taxes= $3502.52

(Minus $100 monthly I forest or farm deferral)

Gresham Oregon Home Valerie Harvey There you have it! Information provided by Tim James of Town & Country Home Loans (503) 826-1505.

Need help finding that special home? Looking for someone who will listen to your needs? Call Valerie Harvey, GRI, Broker, John L. Scott at (503) 704-9891. Licensed in Oregon & Washington

Posted by Valerie Baldwin Harvey, Gresham Oregon Real Estate on 08/31/2007 04:36 PM

Comments (6)

property tax, principal payment, interest payment

This post has been included in Oregon Information
Post is included in group: John L Scott Active Rainers

6 Comments on How do I figure my property tax?

AUG

2007

Or, about 1%.

Same here.

SEP

2007

hey girlie - how you doing - miss you - summer is almost over - we really need to get together

SEP

2007

Good to know for new construction - Thank you!

I must agree with Lenn, though... multiplying the sales price by .01 is much easier :-)

SEP

2007

I can't tell you how many times I have been asked what the taxes will be on the homes out at Butler Creek. Nice to know that you and I can both give them a figure now.

SEP

2007

Hello Valerie -

I thought of this posting as I was researching condos the other day and so I decided to look a bit closer into the tax rates. My first search was on any downtown condo that had sold within the last 9 months for $500,000 and then I realized that the ages of the condos might be throwing off the tax rates and so I searched for downtown condos built in 2006 and 2007 sold within the past 9 months between $500,000 and $510,000. The grid below is the outcome. I presume the last one on the list is either incorrect or a tax abated property, but could find no proof of it.

Sold Price	Taxes	Year Built
$500,000	$3,355	1989
$500,000	$5,817	2006
$500,000	$6,545	2001
$500,000	$4,323	1973
$500,000	$4,782	2005
Sold Price	Taxes	Year Built
$500,000	$5,817	2006
$504,000	$7,056	2007
$506,486	$6,790	2007
$507,698	$6,706	2007
$509,000	$1,890	2006

I'm wondering if condos are calculated differently than SFRs?

Thanks -

OCT

2008

That was helpful, I have taken note on the calculations.

Cheers!

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