How do I figure my property tax?

By
Real Estate Agent with John L. Scott Sandy

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 HarveyThere 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

Equal Housing Opportunity

Comments (7)

Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Or, about 1%. 

Same here.

Aug 31, 2007 09:54 AM
Thesa Chambers
West + Main - Bend, OR
Principal Broker - Licensed in Oregon
hey girlie - how you doing - miss you - summer is almost over - we really need to get together
Aug 31, 2007 05:21 PM
Sara Goodwin
Ashcroft & Associates - Portland, OR
Portland, Oregon Appraiser

Good to know for new construction - Thank you!

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

Sep 08, 2007 03:55 AM
Rian Muleback
Encore Realty - Gresham, OR
Gresham Oregon Real Estate
   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 18, 2007 02:54 PM
Sara Goodwin
Ashcroft & Associates - Portland, OR
Portland, Oregon Appraiser

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 PriceTaxesYear 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 PriceTaxesYear 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 -

Sep 21, 2007 05:11 AM
Timothy Butterworth
Taking a break - Portland, OR

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

 

Cheers!

Oct 20, 2008 06:31 PM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

It is 1.25% or around 1 in my area.The buyer should verify with the county. 

Jan 17, 2016 06:04 PM