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How do I figure my property tax?

By Valerie Baldwin

Real Estate Agent with John L. Scott Sandy

August 31, 2007 09:36 AM

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

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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

Estimation Nation Corporation - 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

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 -

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 • Short Sale • Probate

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

Jan 17, 2016 06:04 PM

How do I figure my property tax?

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