Property taxes are always a discussion item and of great interest among home owners. And most usually don’t have a lot of good things to say. Multnomah County has the reputation of being quite high in property taxes compared to other counties.
In much of the country, property taxes are calculated according to the value of the home when it was last sold, estimated by county assessors through in-person inspections, permits taken out, and comparisons to similar, recently sold homes.
Measure 50: That is NOT the case in Oregon. Since 1997, voters reined in tax increases. Measure 50 aligned taxes to the 1995 property tax values, plus 3% per year thereafter. In many areas, real home values have risen much higher and faster than 3%/year. The caps have succeeded in keeping property taxes predictable and far lower than if they rose in connection with market home values.
Below is a chart of some of the Oregon counties with their effective tax rates—the amount of tax imposed per $1000 of real market value across the entire county. This is an average, while individual homeowners may have dramatically different rates.