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Will My Property Taxes Go Up With This Purchase Price

One of the most common questions an out of state buyer has when purchasing a home in Oregon is; will the taxes go up with this purchase price? Oregon property taxes have little to do with the sales price (unless it is new construction until assessment).

In Oregon you will have an assessed value which is much different from your RMV (Real Market Value) - the assessed value can only increase 3% per year. This does not mean your taxes will increase 3% per year - there are other factors in our property tax amount.

The better question for a buyer to ask is - what have the voters approved for increases - bonds, budgets and the likes will raise your taxes faster than the assessed value. For more information see - Central Oregon Real Estate.

Posted by Central Oregon Real Estate | Broker Thesa Chambers, Licensed in Oregon on 09/09/2008 04:53 PM

Comments (4)

Oregon Property Tax Info in the Home Buying Channel

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Originally posted at: Central Oregon Real Estate Info: Will My Property Taxes Go Up With This Purchase Price

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4 Comments on Will My Property Taxes Go Up With This Purchase Price

SEP

2008

Wow ...what a picture! Needless to say...they go up and down and all around and yup.... let's see if the transit rail system is ready to take a dive here. More taxes we've been paying for a year and a half and nothing is even decided on ...yet.

In Florida the answer is "yes". We have so many caps and exemptions on our property taxes that when a buyer purchases real estate, they don't even see what the seler is paying. The county and our MLS had that information removed a couple of years ago. The huge gaps in what home owners were paying in taxes from house to house was to confusing to the buyers, and difficult to explain. So now we can just tell the buyers that whatever they pay for the house is the taxable value. And the millage rate can be found on the county tax assessor's web site.

SEP

2008

Thesa: That is something that all buyers worry about... their taxes increasing when they purchase a home. Your explanation was excellent. Thanks for sharing.

Thesa - In Connecticut, the purchase price you buy the home at has nothing to do with the assessment, unless the real estate market as a whole increases. Then when the town is re-assessed your assessment will go up.

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